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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 Inventory 30,000 units at $30.00 Mar. 18 Sale 24,000 units May 2 Purchase 54,000 units at $31.00 Aug. 9 Sale 45,000 units Oct. 20 Purchase 21,000 units at $32.10 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. Schedule of Cost of Merchandise Sold Weighted Average Cost Flow Method Purchases Cost of Merchandise Sold Date Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Jan. Mar. 30 X 24,000 x 720,000 18 May 31 X 4,000 X $ 1,674,000 Aug. 30.90 x 45,000 X 1,390,500 Oct. 32.10 X 21,000 X 674,100 V 20 Dec. Balances 31 2,110,500 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 30,000 units at $30.00 Mar. 18 Sale 24,000 units May 2 Purchase 54,000 units at $31.00 Aug. 9 Sale 45,000 units Oct. 20 Purchase 21,000 units at $32.10 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. Schedule of Cost of Merchandise Sold Weighted Average Cost Flow Method Purchases Cost of Merchandise Sold Date Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Jan. Mar. 30 X 24,000 x 720,000 18 May 31 X 4,000 X $ 1,674,000 Aug. 30.90 x 45,000 X 1,390,500 Oct. 32.10 X 21,000 X 674,100 V 20 Dec. Balances 31 2,110,500

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 30,000 units at $30.00 Mar. 18 Sale 24,000 units May 2 Purchase 54,000 units at $31.00 Aug. 9 Sale 45,000 units Oct. 20 Purchase 21,000 units at $32.10 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. Schedule of Cost of Merchandise Sold Weighted Average Cost Flow Method Purchases Cost of Merchandise Sold Date Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Jan. Mar. 30 X 24,000 x 720,000 18 May 31 X 4,000 X $ 1,674,000 Aug. 30.90 x 45,000 X 1,390,500 Oct. 32.10 X 21,000 X 674,100 V 20 Dec. Balances 31 2,110,500 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 30,000 units at $30.00 Mar. 18 Sale 24,000 units May 2 Purchase 54,000 units at $31.00 Aug. 9 Sale 45,000 units Oct. 20 Purchase 21,000 units at $32.10 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. Schedule of Cost of Merchandise Sold Weighted Average Cost Flow Method Purchases Cost of Merchandise Sold Date Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Jan. Mar. 30 X 24,000 x 720,000 18 May 31 X 4,000 X $ 1,674,000 Aug. 30.90 x 45,000 X 1,390,500 Oct. 32.10 X 21,000 X 674,100 V 20 Dec. Balances 31 2,110,500

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: Jan. 1 Inventory 30,000 units at $30.00 Mar. 18 Sale 24,000 units May 2 Purchase 54,000 units at $31.00 Aug. 9 Sale 45,000 units Oct. 20 Purchase 21,000 units at $32.10 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. Schedule of Cost of Merchandise Sold Weighted Average Cost Flow Method Purchases Cost of Merchandise Sold Date Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Jan. Mar. 30 X 24,000 x 720,000 18 May 31 X 4,000 X $ 1,674,000 Aug. 30.90 x 45,000 X 1,390,500 Oct. 32.10 X 21,000 X 674,100 V 20 Dec. Balances 31 2,110,500
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 Inventory 30,000 units at $30.00 Mar. 18 Sale 24,000 units May 2 Purchase 54,000 units at $31.00 Aug. 9 Sale 45,000 units Oct. 20 Purchase 21,000 units at $32.10 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. Schedule of Cost of Merchandise Sold Weighted Average Cost Flow Method Purchases Cost of Merchandise Sold Date Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Jan. Mar. 30 X 24,000 x 720,000 18 May 31 X 4,000 X $ 1,674,000 Aug. 30.90 x 45,000 X 1,390,500 Oct. 32.10 X 21,000 X 674,100 V 20 Dec. Balances 31 2,110,500
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 30,000 units at $30.00 Mar. 18 Sale 24,000 units May 2 Purchase 54,000 units at $31.00 Aug. 9 Sale 45,000 units Oct. 20 Purchase 21,000 units at $32.10 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. Schedule of Cost of Merchandise Sold Weighted Average Cost Flow Method Purchases Cost of Merchandise Sold Date Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Jan. Mar. 30 X 24,000 x 720,000 18 May 31 X 4,000 X $ 1,674,000 Aug. 30.90 x 45,000 X 1,390,500 Oct. 32.10 X 21,000 X 674,100 V 20 Dec. Balances 31 2,110,500
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 Inventory 30,000 units at $30.00 Mar. 18 Sale 24,000 units May 2 Purchase 54,000 units at $31.00 Aug. 9 Sale 45,000 units Oct. 20 Purchase 21,000 units at $32.10 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. Schedule of Cost of Merchandise Sold Weighted Average Cost Flow Method Purchases Cost of Merchandise Sold Date Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Jan. Mar. 30 X 24,000 x 720,000 18 May 31 X 4,000 X $ 1,674,000 Aug. 30.90 x 45,000 X 1,390,500 Oct. 32.10 X 21,000 X 674,100 V 20 Dec. Balances 31 2,110,500
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