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 Inventory Date Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Jan. 1             fill in the blank 1 $fill in the blank 2 $fill in the blank 3 Mar. 18       fill in the blank 4 $fill in the blank 5 $fill in the blank 6 fill in the blank 7 fill in the blank 8 fill in the blank 9 May 2 fill in the blank 10 $fill in the blank 11 $fill in the blank 12       fill in the blank 13 fill in the blank 14 fill in the blank 15 Aug. 9       fill in the blank 16 fill in the blank 17 fill in the blank 18 fill in the blank 19 fill in the blank 20 fill in the blank 21 Oct. 20 fill in the blank 22 fill in the blank 23 fill in the blank 24       fill in the blank 25 fill in the blank 26 fill in the blank 27 Dec. 31 Balances         $fill in the blank 28 fill in the blank 29 $fill in the blank 30 $fill in the blank 31

Q: Weighted Average Cost Flow Method Under Perpetual Inventory System The following units of a…

A: Weighted average method is the method in which the cost of goods available is divided through the…

Q: The following units of a particular item were available for sale during the calendar year: Jan. 1…

A: Last in first out means that cost of goods sold consist of latest purchase and closing stock consist…

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A: Perpetual FIFO:                     Goods Purchased Cost of Goods Sold Ending Inventory Date…

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A: Weighted Average Method :— It is one of the method of inventory valuation in which it is assumed…

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Q: Weighted Average Cost Flow Method Under Perpetual Inventory System The following units of a…

A: Cost of goods sold and inventory balance, under weighted average cost method is calculated as…

Q: Perpetual Inventory Using Weighted Average Beginning inventory, purchases, and sales for WCS12 are…

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Q: Alternative Inventory Methods Garrett Company has the following transactions during the months of…

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A: Given:

Q: Weighted average cost flow method under perpetual inventory systemThe following units of a…

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A: PLEASE GIVE A LIKE, your response matters  [a] $ 15.50 per unit  [b] $ 6975  [c] $ 5425

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Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.