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 $20

Apr. 19 Sale 2,500 units

June 30 Purchase 6,000 units at $24

Sept. 2 Sale 4,500 units

Nov. 15 Purchase 1,000 units at $25

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

					Schedule Cost of Goods Sold Weighted Average Cost Flow Method
		Purchases			Cost of Goods Sold
Date	Quantity	Unit Cost	Total Cost	Quantity	Unit Cost	Total Cost	Quantity	Unit Cost	Total Cost
Jan. 1							____	$____	$____
April. 19				____	$___	$____	____	____	___
June 30	____	$_____	$____				____	____	____
Sept. 2				____	____	____	____	____	____
Nov. 15	____	____	____				____	____	____
Dec. 31	Balances					$____	____	$____	$____