eBook Calculator E Print item 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 $40 Apr. 19 Sale 2,500 units June 30 Purchase 4,500 units at $44 Sept. 2 Sale 5,000 units Nov. 15 Purchase 2,000 units at $46 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. Schedule of Cost of Goods Sold Weighted Average Cost Flow Method Cost of Goods Sold Quantity Unit Cost Purchases Unit Cost Date Quantity Total Cost Total Cost Quantity Jan. 1 Apr. 19 June 30 Sept. 2 Nov. 15 Dec. 31 Balances ISO 7:03