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 Mar. 18Sale May 2 Purchase Aug. 9 Sale Oct. 20 Purchase 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. 10,000 units at $75.00 8,000 units 18,000 units at $77.50 15,000 units 7,000 units at $80.25 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 Date Quantity Unit Cost Total Cost Quantity Unit Cost Quantity Total Cost Unit Cost an. 1 Mar. 18 May 2 Aug. 9 Oct. 20 Dec. 31 Balances