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 15,000 units at $60.00 Mar. 18 Sale 12,000 units May 2 Purchase 27,000 Aug. 9 Sale Oct. units at $62.00 22,500 units Purchase 10,500 20 units at $64.20 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. Perpetual Inventory Account Weighted Average Cost Flow Method Date Quantity Purchases Unit Cost Total Cost Quantity Cost of Merchandise Sold Unit Cost Total Cost Inventory Quantity Unit Cost Total Cost Jan. 1 Mar. 18 May 2 Aug. 9 Oct. 20 Dec. 31 Balances