Question

Prepare inventory records using the Weighted Average method: Riverside Inc. uses a perpetual inventory system and reports the following transactions for the month of July

July1 Beginning inventory 12 units Cost/Price $100.00

July 4 Purchase 8 units Cost/Price 103.00

July 9 Purchase 5 units Cost/Price 104.00

July17 Sale 21 units Cost/Price 249.99

July 21 Purchase 4 units Cost/Price 106.00

July 31 Sale 6 units Cost/Price 249.99

Answer 1

Weighted average cost	Cost of goods available for sale			Cost of goods sold			Ending inventory
	Units	Cost per unit	Cost of goods available for sale	Units sold	Average cost per unit	Cost of goods sold	Units in ending inventory	Average cost per unit	Ending inventory
July 1	12	$100	$1200				12	$100	$1200
July 4	8	$103	$824				20	$101.2	$2024
July 9	5	$104	$520				25	$101.76	$2544
July 17				21	$101.76	$2136.96	4	$101.76	$407.04
July 21	4	$106	$424				8	$103.88	$831.04
July 31				6	$103.88	$623.28	2	$103.88	$207.76