Optique Brévalan keeps a perpetual inventory of its progressive lenses and recalculates weighted average cost at each new receipt. Movements for the quarter, in order: opening inventory of 100 units at 50; purchase of 300 units at 54; sale of 250 units; purchase of 250 units at 61; sale of 300 units. Calculate the cost of sales for the quarter and the cost of closing inventory.
- Opening inventory (units)
- 100
- Unit cost of opening inventory
- 50
- First purchase (units)
- 300
- Unit cost of the first purchase
- 54
- First sale (units)
- 250
- Second purchase (units)
- 250
- Unit cost of the second purchase
- 61
- Second sale (units)
- 300