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 Inventory 4,000 units at $40 Apr. 19 Sale 2,500 units June 30 Purchase 4,500 units at $44 Sept. 2 Sale 5,000 units Nov. 15 Purchase 2,000 units at $46 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. Schedule of Cost of Goods Sold Weighted Average Cost Flow Method Purchases Cost of Goods Sold Inventory <> Quantity Unit Cost Total Cost Unit Cost Total Cost Quantity Unit Cost Total Cost Date Quantity 4,000 V 40 V 160,000 V Jan. 1 40V 1,500 V 40 V 60,000 V 2,500 V 100,000 Apr. 19 6,000V X. 4,500V 198,000V 44 June 30 5,000 Sept. 2 Nov. 15 2,000 46 92,000 Dec. 31 Balances

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 Inventory 4,000 units at $40 Apr. 19 Sale 2,500 units June 30 Purchase 4,500 units at $44 Sept. 2 Sale 5,000 units Nov. 15 Purchase 2,000 units at $46 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. Schedule of Cost of Goods Sold Weighted Average Cost Flow Method Purchases Cost of Goods Sold Inventory <> Quantity Unit Cost Total Cost Unit Cost Total Cost Quantity Unit Cost Total Cost Date Quantity 4,000 V 40 V 160,000 V Jan. 1 40V 1,500 V 40 V 60,000 V 2,500 V 100,000 Apr. 19 6,000V X. 4,500V 198,000V 44 June 30 5,000 Sept. 2 Nov. 15 2,000 46 92,000 Dec. 31 Balances

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Description: Weighted Average Cost Flow Method Under Perpetual Inventory SystemThe following units of a particular item were available for sale during the calendar year:Jan. 1Inventory4,000 units at $40Apг. 19Sale2,500 unitsJune 30Purchase4,500 units at $44Sept.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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