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wentory 15,000 $60.00 le 12,000 units

wentory 15,000 $60.00 le 12,000 units

FINANCIAL ACCOUNTING
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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PLEASE DO NOT CUT OFF THE ANSWER AND MARK THE BOXES WITH THE SAME NAMES THEY HAVE IN THE PHOTO.  

Weighted Average Cost Flow Method Under Perpetual Inventory System The following units of a particular item were available for sale during the calendar year: units at Jan. 1 Inventory 15,000 $60.00 Mar. Sale 12,000 units 18 units at May 2 Purchase 27,000 $62.00 Aug. 9 Sale 22,500 units Oct. units at Purchase 10,500 20 $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 15,000 60 %$4 Mar. 18 12,000 60 May 2 27,000 62 1,674,00 Aug. 9 22,500 Oct. 20 10,500 64.20 674,100 Dec. 31 Balances
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: units at Jan. 1 Inventory 15,000 $60.00 Mar. Sale 12,000 units 18 units at May 2 Purchase 27,000 $62.00 Aug. 9 Sale 22,500 units Oct. units at Purchase 10,500 20 $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 15,000 60 %$4 Mar. 18 12,000 60 May 2 27,000 62 1,674,00 Aug. 9 22,500 Oct. 20 10,500 64.20 674,100 Dec. 31 Balances
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