> Weighted average cost flow method under perpetual inventory system The following units of a particular item were available for sale during the calendar year: Jan. 1 Mar. 18. Inventory Sale 9,000 units at $50.00 7,000 units May 2 Aug. 9 Purchase Sale 8,000 units at $56.50 8,000 units Oct. 20 Purchase 4,000 units at $60.00 The firm uses the weighted average cost method with a perpetual inventory system. Determine the cost of goods sold for each sale and the inventory balance after each sale. Present the data in the form illustrated in Exhibit 5. Round your "Unit Cost" answers to two decimal places. Jan. 1 Mar. 18 May 2 Aug. 9 Weighted Average Cost Flow Method Date Purchases Quantity Purchases Unit Cost Purchases Total Cost Cost of Goods Sold Quantity Cost of Goods Sold Unit Cost Cost of Goods Sold Total Cost Inventory Quantity Inventory Inventory Unit Cost Total Cost Oct. 20 Dec. 31 Balances 011
> Weighted average cost flow method under perpetual inventory system The following units of a particular item were available for sale during the calendar year: Jan. 1 Mar. 18. Inventory Sale 9,000 units at $50.00 7,000 units May 2 Aug. 9 Purchase Sale 8,000 units at $56.50 8,000 units Oct. 20 Purchase 4,000 units at $60.00 The firm uses the weighted average cost method with a perpetual inventory system. Determine the cost of goods sold for each sale and the inventory balance after each sale. Present the data in the form illustrated in Exhibit 5. Round your "Unit Cost" answers to two decimal places. Jan. 1 Mar. 18 May 2 Aug. 9 Weighted Average Cost Flow Method Date Purchases Quantity Purchases Unit Cost Purchases Total Cost Cost of Goods Sold Quantity Cost of Goods Sold Unit Cost Cost of Goods Sold Total Cost Inventory Quantity Inventory Inventory Unit Cost Total Cost Oct. 20 Dec. 31 Balances 011
Financial And Managerial Accounting
15th Edition
ISBN:9781337902663
Author:WARREN, Carl S.
Publisher:WARREN, Carl S.
Chapter6: Inventories
Section: Chapter Questions
Problem 2PB: LIFO perpetual inventory The beginning inventory for Dunne Co. and data on purchases and sales for a...
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