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 10,000 units at $75.00 Mar. 18 Sale 8,000 units May 2 Purchase 18,000 units at $77.50 Aug. 9 Sale 15,000 units Oct. 20 Purchase 7,000 units at $80.25 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 of Cost of Goods Sold Weighted Average Cost Flow Method   Purchases Cost of Goods Sold Inventory Date Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Quantity Unit Cost 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         $fill in the blank 28 fill in the blank 29 $fill in the blank 30 $fill in the blank 31

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A:

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A:

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Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.