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Weighted Average Cost Flow Method Under Perpetual Inventory System The following units of a particular...

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Accounting

  1. 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 30,000 units at $30.00
    Mar. 18 Sale 24,000 units
    May 2 Purchase 54,000 units at $31.00
    Aug. 9 Sale 45,000 units
    Oct. 20 Purchase 21,000 units at $32.10

    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 $ $
    Mar. 18 $ $
    May 2 $ $
    Aug. 9
    Oct. 20
    Dec. 31 Balances $ $ $

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