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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: Inventory 15,000 units at $60.00 12,000 units 27,000 units at $62.00 22,500 units 10,500 units at $64.20 Jan. 1 Mar. 18 May 2 Aug. 9 Oct. 20 Date Jan. 1 Purchase The firm uses the weighted average cost method with a perpetual inventory system. Determine the cost of merchandise sold for each sale and the inventory balance after each sale. Present the data in the form illustrated in Exhibit 5. Round unit cost to two decimal places, if necessary. Mar. 18 May 2 Aug. 9 Oct. 20 Sale Dec. 31 Purchase Sale Quantity Balances $ Purchases Unit Cost Total Cost $ [ [ Perpetual Inventory Account Weighted Average Cost Flow Method Cost of Merchandise Sold Quantity $ Unit Cost Total Cost $ $ Quantity T $ Inventory Unit Cost Total Cost $

Weighted Average Cost Flow Method Under Perpetual Inventory System The following units of a particular item were available for sale during the calendar year: Inventory 15,000 units at $60.00 12,000 units 27,000 units at $62.00 22,500 units 10,500 units at $64.20 Jan. 1 Mar. 18 May 2 Aug. 9 Oct. 20 Date Jan. 1 Purchase The firm uses the weighted average cost method with a perpetual inventory system. Determine the cost of merchandise sold for each sale and the inventory balance after each sale. Present the data in the form illustrated in Exhibit 5. Round unit cost to two decimal places, if necessary. Mar. 18 May 2 Aug. 9 Oct. 20 Sale Dec. 31 Purchase Sale Quantity Balances $ Purchases Unit Cost Total Cost $ [ [ Perpetual Inventory Account Weighted Average Cost Flow Method Cost of Merchandise Sold Quantity $ Unit Cost Total Cost $ $ Quantity T $ Inventory Unit Cost Total Cost $

FINANCIAL ACCOUNTING
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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Weighted Average Cost Flow Method Under Perpetual Inventory System The following units of a particular item were available for sale during the calendar year: Inventory 15,000 units at $60.00 Sale 12,000 units May 2 27,000 units at $62.00 Aug. 9 22,500 units Oct. 20 Purchase 10,500 units at $64.20 The firm uses the weighted average cost method with a perpetual inventory system. Determine the cost of merchandise sold for each sale and the inventory balance after each sale. Present the data in the form illustrated in Exhibit 5. Round unit cost to two decimal places, if necessary. Jan. 1 Mar. 18 Date Jan. 1 Mar. 18 May 2 Aug. 9 Oct. 20 Dec. 31 Purchase Sale Quantity Balances $ Purchases Unit Cost $ Total Cost Perpetual Inventory Account Weighted Average Cost Flow Method Cost of Merchandise Sold Quantity $ Unit Cost T $ Total Cost $ Quantity $ $ Inventory Unit Cost $ $ Total Cost
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: Inventory 15,000 units at $60.00 Sale 12,000 units May 2 27,000 units at $62.00 Aug. 9 22,500 units Oct. 20 Purchase 10,500 units at $64.20 The firm uses the weighted average cost method with a perpetual inventory system. Determine the cost of merchandise sold for each sale and the inventory balance after each sale. Present the data in the form illustrated in Exhibit 5. Round unit cost to two decimal places, if necessary. Jan. 1 Mar. 18 Date Jan. 1 Mar. 18 May 2 Aug. 9 Oct. 20 Dec. 31 Purchase Sale Quantity Balances $ Purchases Unit Cost $ Total Cost Perpetual Inventory Account Weighted Average Cost Flow Method Cost of Merchandise Sold Quantity $ Unit Cost T $ Total Cost $ Quantity $ $ Inventory Unit Cost $ $ Total Cost
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