Weighted Average Cost Flow Method Under Perpetual Inventory SystemThe following units of a particular item were available for sale during the calendar year: Jan. 1 Inventory 15,000 units at $60.00 Mar. 18 Sale 12,000 units May 2 Purchase 27,000 units at $62.00 Aug. 9 Sale 22,500 units Oct. 20 Purchase 10,500 units at $64.20 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. Perpetual Inventory Account 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 $ $ Mar. 18 fill in $ $ fill in fill in fill in May 2 fill in $ $ fill in fill in fill in Aug. 9 fill in fill in fill in fill in fill in fill in Oct. 20 fill in fill in fill in fill in fill in fill in Dec. 31 Balances $ fill in $ $ Question #9: 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 Total Cost Jan. 1 fill in $ $ Apr. 19 fill in $ $ fill in fill in fill in June 30 fill in $ $ fill in fill in fill in Sept. 2 fill in fill in fill in fill in fill in fill in Nov. 15 fill in fill in fill in fill in fill in fill in Dec. 31 Balances $ fill in $ $

Weighted Average Cost Flow Method Under Perpetual Inventory SystemThe following units of a particular item were available for sale during the calendar year: Jan. 1 Inventory 15,000 units at $60.00 Mar. 18 Sale 12,000 units May 2 Purchase 27,000 units at $62.00 Aug. 9 Sale 22,500 units Oct. 20 Purchase 10,500 units at $64.20 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. Perpetual Inventory Account 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 $ $ Mar. 18 fill in $ $ fill in fill in fill in May 2 fill in $ $ fill in fill in fill in Aug. 9 fill in fill in fill in fill in fill in fill in Oct. 20 fill in fill in fill in fill in fill in fill in Dec. 31 Balances $ fill in $ $ Question #9: 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 Total Cost Jan. 1 fill in $ $ Apr. 19 fill in $ $ fill in fill in fill in June 30 fill in $ $ fill in fill in fill in Sept. 2 fill in fill in fill in fill in fill in fill in Nov. 15 fill in fill in fill in fill in fill in fill in Dec. 31 Balances $ fill in $ $

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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Question #8:

Weighted Average Cost Flow Method Under Perpetual Inventory SystemThe following units of a particular item were available for sale during the calendar year:

Jan. 1	Inventory	15,000	units at $60.00
Mar. 18	Sale	12,000	units
May 2	Purchase	27,000	units at $62.00
Aug. 9	Sale	22,500	units
Oct. 20	Purchase	10,500	units at $64.20

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.

Perpetual Inventory Account 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	$	$
Mar. 18				fill in	$	$	fill in	fill in	fill in
May 2	fill in	$	$				fill in	fill in	fill in
Aug. 9				fill in	fill in	fill in	fill in	fill in	fill in
Oct. 20	fill in	fill in	fill in				fill in	fill in	fill in
Dec. 31	Balances					$	fill in	$	$

Question #9:

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

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	$	$
Apr. 19				fill in	$	$	fill in	fill in	fill in
June 30	fill in	$	$				fill in	fill in	fill in
Sept. 2				fill in	fill in	fill in	fill in	fill in	fill in
Nov. 15	fill in	fill in	fill in				fill in	fill in	fill in
Dec. 31	Balances					$	fill in	$	$

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A perpetual inventory system is an inventory management system that records the inflow and outflow of inventory on a real-time basis.

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