> 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

Principles of Accounting Volume 1
19th Edition
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Author:OpenStax
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Chapter10: Inventory
Section: Chapter Questions
Problem 4PB: Calculate the cost of goods sold dollar value for B74 Company for the sale on November 20,...
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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
Transcribed Image Text:> 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
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