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 9,000 units at $50.00 Mar. 18 Sale 7,000 units May 2 Aug. 9 Oct. 20 Purchase 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 Exhibit 5. Round your "Unit Cost" answers to two decimal places. 8,000 units at $56.50 8,000 units 4,000 units at $60.00 Weighted Average Cost Flow Method

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 9,000 units at $50.00 Mar. 18 Sale 7,000 units May 2 Aug. 9 Oct. 20 Purchase 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 Exhibit 5. Round your "Unit Cost" answers to two decimal places. 8,000 units at $56.50 8,000 units 4,000 units at $60.00 Weighted Average Cost Flow Method

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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. 1Inventory9,000 units at $50.00Mar. 18Sale7,000 unitsMay 2Purchase8,000 units at $56.50A

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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4. EX.07.09 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 $20 Apr. 19 Sale 2,500 units June 30 Purchase 6,000 units at $24 Sept. 2 Sale 4,500 units Nov. 15 Purchase 1,000 units at $25 The firm uses the weighted average cost method with a perpetual inventory system. Determine the cost of merchandise sold for each sale and the inventory balance after each sale. Present the data in the form illustrated in Exhibit 5. Round unit cost to two decimal places, if necessary. Schedule of Cost of Merchandise Sold Weighted Average Cost Flow Method Purchases Cost of Merchandise Sold Inventory Date Quantity Unit CostTotal CostQuantityUnit CostTotal CostQuantity Unit CostTotal Cost Jan. 1 2$ $ Apr. 19 $ $ June 30 $ $ Sept. 2 Nov. 15 Dec. 31 Balances 2$ $ $
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LIFO (perpetual) Inventory Cost of Goods Purchased Cost of Goods Sold Cost of Inventory Remaining Numberof units Unit Cost Total Cost Numberof units Unit Cost Total Cost Numberof units Unit Cost
Subject : Accounting
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