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:
Date
Line Item Description
Units and Cost
Jan. 1
Inventory
9,000
units at $50.00
Mar. 18
Sale
7,000
units
May 2
Purchase
8,000
units at $56.50
Aug. 9
Sale
8,000
units
Oct. 20
Purchase
4,000
units at $60.00
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. Round your "Unit Cost" answers to two decimal places.
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