The beginning inventory, purchases, and sales of an item by Patterson Corporation for the month of July were as follows:
|
July |
1 |
Inventory on hand consisted of 100 units at $3.15 each |
|
12 |
Sold 50 units |
|
|
15 |
Purchased 40 units at $3.00 each |
|
|
17 |
Purchased 60 units at $2.70 each |
|
|
19 |
Sold 30 units |
|
|
26 |
Purchased 50 units at $3.45 each |
|
|
29 |
Sold 40 units. |
Required: What was the value of the units on hand on July 31 under the following methods?
- Perpetual inventory, weighted average
- Periodic inventory, weighted average.
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