The following units of a particular item were available for sale during the calendar year: Date Line Item Description Units and Cost Jan. 1 Inventory 9,000 units at $50.00 Mar. 18 Sale 7,000 units May 2 Purchase 8,000 units at $56.50 Aug. 9 Sale 8,000 units Oct. 20 Purchase 4,000 units at $60.00 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. Weighted Average Cost Flow Method Date Purchases Quantity Purchases Unit Cost Purchases Total Cost Cost of Goods Sold Quantity Cost of Goods Sold Unit Cost Cost of Goods Sold Total Cost Inventory Quantity Inventory Unit Cost Inventory Total Cost Jan. 1 fill in the blank 1 fill in the blank 2 fill in the blank 3 Mar. 18 fill in the blank 4 fill in the blank 5 fill in the blank 6 fill in the blank 7 fill in the blank 8 fill in the blank 9 May 2 fill in the blank 10 fill in the blank 11 fill in the blank 12 fill in the blank 13 fill in the blank 14 fill in the blank 15 Aug. 9 fill in the blank 16 fill in the blank 17 fill in the blank 18 fill in the blank 19 fill in the blank 20 fill in the blank 21 Oct. 20 fill in the blank 22 fill in the blank 23 fill in the blank 24 fill in the blank 25 fill in the blank 26 fill in the blank 27 Dec. 31 Balances

Principles of Cost Accounting

17th Edition

ISBN:9781305087408

Author:Edward J. Vanderbeck, Maria R. Mitchell

Publisher:Edward J. Vanderbeck, Maria R. Mitchell

Chapter10: Cost Analysis For Management Decision Making

Section: Chapter Questions

Problem 4E: The following production data came from the records of Olympic Enterprises for the year ended...

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The following units of a particular item were available for sale during the calendar year:

Date	Line Item Description	Units and Cost
Jan. 1	Inventory	9,000	units at $50.00
Mar. 18	Sale	7,000	units
May 2	Purchase	8,000	units at $56.50
Aug. 9	Sale	8,000	units
Oct. 20	Purchase	4,000	units at $60.00

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.

Weighted Average Cost Flow Method

Date	Purchases Quantity	Purchases Unit Cost	Purchases Total Cost	Cost of Goods Sold Quantity	Cost of Goods Sold Unit Cost	Cost of Goods Sold Total Cost	Inventory Quantity	Inventory Unit Cost	Inventory Total Cost
Jan. 1							fill in the blank 1	fill in the blank 2	fill in the blank 3
Mar. 18				fill in the blank 4	fill in the blank 5	fill in the blank 6	fill in the blank 7	fill in the blank 8	fill in the blank 9
May 2	fill in the blank 10	fill in the blank 11	fill in the blank 12				fill in the blank 13	fill in the blank 14	fill in the blank 15
Aug. 9				fill in the blank 16	fill in the blank 17	fill in the blank 18	fill in the blank 19	fill in the blank 20	fill in the blank 21
Oct. 20	fill in the blank 22	fill in the blank 23	fill in the blank 24				fill in the blank 25	fill in the blank 26	fill in the blank 27
Dec. 31	Balances

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