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 merchandise sold for each sale and the inventory balance after each sale. Present the data in the form illustrated in Exhibit 6.
Exhibit 6: Promissory Note

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Issuance Date Term Payee 2,000.00 Fresno, Califomia March 16 20 15 Ninety days Face Amount We AFTER DATE PROMISE TO PAYTO THE ORDER OF Pearland C Two thousand 00/100 DOLLARS Interest Rate VALUE RECEIVED WITH INTEREST AT10 H.B. Lane No.- 14 DUE-June 14,2015 TREASURER, SELIG COMPANY Due Date Maker