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 10,000 units at $75.00 Mar. 18 Sale 8,000 units May 2 18,000 units at $77.50 Aug. 9 15,000 units Oct. 20 7,000 units at $80.25 Sale Purchase 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 Exhib Round unit cost to two decimal places, if necessary. Date Jan. 1 Mar. 18 May 2 Aug. 9 Oct. 20 Purchase Dec. 31 Quantity Balances Purchases Unit Cost Total Cost Schedule of Cost of Goods Sold Weighted Average Cost Flow Method Cost of Goods Sold Unit Cost Quantity Total Cost Quantity 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: Jan. 1 Inventory 10,000 units at $75.00 Mar. 18 Sale 8,000 units May 2 18,000 units at $77.50 Aug. 9 15,000 units Oct. 20 7,000 units at $80.25 Sale Purchase 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 Exhib Round unit cost to two decimal places, if necessary. Date Jan. 1 Mar. 18 May 2 Aug. 9 Oct. 20 Purchase Dec. 31 Quantity Balances Purchases Unit Cost Total Cost Schedule of Cost of Goods Sold Weighted Average Cost Flow Method Cost of Goods Sold Unit Cost Quantity Total Cost Quantity Inventory Unit Cost Total Cost

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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. 1Inventory10,000 units at $75.008,000 units18,000 units at $77.5015,000 units7,000 units

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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