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 Cost Total Cost Quantity Unit Cost Total Cost Quantity Unit Cost Jan. 1 Apr. 19 June 30 Sept. 2 Nov. 15 Dec. 31 Balances
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 Cost Total Cost Quantity Unit Cost Total Cost Quantity Unit Cost Jan. 1 Apr. 19 June 30 Sept. 2 Nov. 15 Dec. 31 Balances
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
![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 Cost
Total Cost
Quantity
Unit Cost
Total Cost
Quantity
Unit Cost
Jan. 1
Apr. 19
June 30
Sept. 2
Nov. 15
Dec. 31
Balances](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F68880fdc-02b9-49cf-98eb-481d2cfbf199%2Ffab5f433-08e0-4c92-987e-47e1fe5135b7%2Fvi9ha48.png&w=3840&q=75)
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
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 Cost
Total Cost
Quantity
Unit Cost
Total Cost
Quantity
Unit Cost
Jan. 1
Apr. 19
June 30
Sept. 2
Nov. 15
Dec. 31
Balances
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