Question: 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.

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. 1Inventory10,000units at $75.00

Mar. 18Sale8,000units

May 2Purchase18,000units at $77.50

Aug. 9Sale15,000units

Oct. 20Purchase7,000units at $80.25

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 inExhibit 6. Round unit cost to two decimal places, if necessary.

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