Weighted Average Cost Flow Method Under Perpetual Inventory System The following units of a particular...
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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 24,000 units Sale Mar. 18 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 Cost of Merchandise Sold Quantity Unit Cost Purchases Inventory Unit Cost Date Quantity Unit Cost Total Cost Total Cost Quantity Total Cost 0 0 0 Mar. 18 May 2 Aug. 9 Oct. 201 1 Dec. 31 Balances
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