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eighted average cost flow method under perpetual inventory system e following units of a particular item were available for sale during the calendar year: n. 1 Inventory 9,000 units at $50.00 ar. 18. 7,000 units ay 2 8,000 units at $56.50 8,000 units 4,000 units at $60.00 g. 9 t. 20 Date n. 1 r. 18 e 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 mibit 5. Round your "Unit Cost" answers to two decimal places. y 2 9.9 t. 20 Sale ec. 31 Purchase Sale Purchase Purchases Quantity Balances 8,000 4,000 Purchases Unit Cost 56.50 60 Furchases Total Cost 452,000 240,000 Weighted Average Cost Flow Method Cost of Goods Sold Unit Cost Cost of Goods Sold Quantity 7,000 8,000 50 Cost of Goods Sold Total Cost 350,000 Inventory Quantity 9,000 2,000 10,000 Inventory Unit Cost 50 50 Inventor Total Cos 450, 100, 552,

eighted average cost flow method under perpetual inventory system e following units of a particular item were available for sale during the calendar year: n. 1 Inventory 9,000 units at $50.00 ar. 18. 7,000 units ay 2 8,000 units at $56.50 8,000 units 4,000 units at $60.00 g. 9 t. 20 Date n. 1 r. 18 e 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 mibit 5. Round your "Unit Cost" answers to two decimal places. y 2 9.9 t. 20 Sale ec. 31 Purchase Sale Purchase Purchases Quantity Balances 8,000 4,000 Purchases Unit Cost 56.50 60 Furchases Total Cost 452,000 240,000 Weighted Average Cost Flow Method Cost of Goods Sold Unit Cost Cost of Goods Sold Quantity 7,000 8,000 50 Cost of Goods Sold Total Cost 350,000 Inventory Quantity 9,000 2,000 10,000 Inventory Unit Cost 50 50 Inventor Total Cos 450, 100, 552,

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter7: Inventories: Cost Measurement And Flow Assumptions
Section: Chapter Questions
Problem 12E: Alternative Inventory Methods Park Companys perpetual inventory records indicate the following...
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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 9,000 units at $50.00 Mar. 18 7,000 units May 2 8,000 units at $56.50 Aug. 9 8,000 units Oct. 20 4,000 units at $60.00 Date Jan. 1 Mar. 18 Sale 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 your "Unit Cost" answers to two decimal places. May 2 Aug. 9 Oct. 20 Dec. 31 Purchase Sale Purchase Purchases Quantity Balances 8,000 4,000 Purchases Unit Cost 56.50 60 Purchases Total Cost 452,000 240,000 Weighted Average Cost Flow Method Cost of Goods Sold Unit Cost Cost of Goods Sold Quantity 7,000 8,000 50 Cost of Goods Sold Total Cost 350,000 10 Inventory Quantity 9,000 2,000 10,000 Inventory Unit Cost 50 50 Inventory Total Cost 450,000 100,000 552,000
Transcribed Image Text: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 9,000 units at $50.00 Mar. 18 7,000 units May 2 8,000 units at $56.50 Aug. 9 8,000 units Oct. 20 4,000 units at $60.00 Date Jan. 1 Mar. 18 Sale 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 your "Unit Cost" answers to two decimal places. May 2 Aug. 9 Oct. 20 Dec. 31 Purchase Sale Purchase Purchases Quantity Balances 8,000 4,000 Purchases Unit Cost 56.50 60 Purchases Total Cost 452,000 240,000 Weighted Average Cost Flow Method Cost of Goods Sold Unit Cost Cost of Goods Sold Quantity 7,000 8,000 50 Cost of Goods Sold Total Cost 350,000 10 Inventory Quantity 9,000 2,000 10,000 Inventory Unit Cost 50 50 Inventory Total Cost 450,000 100,000 552,000
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