Weighted average cost flow method under perpetual inventory system The following units of a particular item were available for sale during the calendar year: Date Line Item Description Units and Cost Jan. 1 Inventory 9,000 units at $50.00 Mar. 18 Sale 7,000 units May 2 Purchase 8,000 units at $56.50 Aug. 9 Sale 8,000 units Oct. 20 Purchase 4,000 units at $60.00 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. Weighted Average Cost Flow Method Date PurchasesQuantity PurchasesUnit Cost PurchasesTotal Cost Cost of Goods SoldQuantity Cost of Goods SoldUnit Cost Cost of Goods SoldTotal Cost InventoryQuantity InventoryUnit Cost InventoryTotal 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 Feedback Area Feedback

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter10: Inventory

Section: Chapter Questions

Problem 4PA: Calculate the cost of goods sold dollar value for A74 Company for the sale on March 11, considering...

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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:

Date	Line Item Description	Units and Cost
Jan. 1	Inventory	9,000	units at $50.00
Mar. 18	Sale	7,000	units
May 2	Purchase	8,000	units at $56.50
Aug. 9	Sale	8,000	units
Oct. 20	Purchase	4,000	units at $60.00

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.

Weighted Average Cost Flow Method

Date	Purchases Quantity	Purchases Unit Cost	Purchases Total Cost	Cost of Goods Sold Quantity	Cost of Goods Sold Unit Cost	Cost of Goods Sold Total Cost	Inventory Quantity	Inventory Unit Cost	Inventory 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