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 SystemThe following units of a particular item were available for sale during the calendar year:units atJan. 1 Inventory 15,000$60.00Mar.Sale12,000 units18units atMay 2 Purchase 27,000$62.00Aug. 9 Sale22,500 unitsOct.units atPurchase 10,50020$64.20The 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 twodecimal places, if necessary.Perpetual Inventory AccountWeighted Average Cost Flow MethodPurchasesCost of Merchandise SoldInventoryDateQuantityUnit CostTotal CostQuantityUnit CostTotal CostQuantityUnit CostTotal CostJan. 115,00060%$4Mar. 1812,00060May 227,000621,674,00Aug. 922,500Oct. 2010,50064.20674,100Dec. 31Balances

Perpetual inventory Account As per weighted average cost flow method given below.

Answered: wentory 15,000 $60.00 le 12,000 units

Business

Accounting

wentory 15,000 $60.00 le 12,000 units

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

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

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