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

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Accounting

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 goods 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 Goods Sold Weighted Average Cost Flow Method
Purchases Cost of Goods Sold Inventory
Date Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost
Jan. 1 $ $
Apr. 19 $ $
June 30 $ $
Sept. 2
Nov. 15
Dec. 31 Balances $ $ $

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