Third Avenue Furniture began June with merchandise inventory of 45 sofas that cost a total of $31,500.During the month,the company purchased and sold merchandise on account as follows:
Prepare a perpetual inventory record,using the weighted-average inventory costing method,and determine the company's cost of goods sold,ending merchandise inventory,and gross profit.(Round weighted-average cost per unit to the nearest cent and all other amounts to the nearest dollar. )
| Purchases | Cost of Goods Sold | Inventory on Hand |
Definitions:
Period
A length of time during which a series of events or an action takes place or is completed.
Salvage Value
The estimated residual value of an asset at the end of its useful life, often used for depreciation calculations.
Total Operating Income
The profit achieved from a company's core business operations, excluding deductions of taxes and interest.
Net Cash Inflows
The amount by which the cash inflow from operations exceeds its cash outflow, usually measured within a specific period.
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