Weighted Average Cost Flow Method Under Perpetual Inventory SystemThe following units of a particular item were available for sale during the calendar year: Jan. 1 Inventory 15,000 units at $60.00 Mar. 18 Sale 12,000 units May 2 Purchase 27,000 units at $62.00 Aug. 9 Sale 22,500 units Oct. 20 Purchase 10,500 units at $64.20 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 5. Round unit cost to two decimal places, if necessary. Perpetual Inventory Account Weighted Average Cost Flow Method Purchases Cost of Merchandise Sold Inventory Date Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Jan. 1 fill in $ $ Mar. 18 fill in $ $ fill in fill in fill in May 2 fill in $ $ fill in fill in fill in Aug. 9 fill in fill in fill in fill in fill in fill in Oct. 20 fill in fill in fill in fill in fill in fill in Dec. 31 Balances $ fill in $ $ Question #9: 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 merchandise 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 Merchandise Sold Weighted Average Cost Flow Method Purchases Cost of Merchandise Sold Inventory Date Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Jan. 1 fill in $ $ Apr. 19 fill in $ $ fill in fill in fill in June 30 fill in $ $ fill in fill in fill in Sept. 2 fill in fill in fill in fill in fill in fill in Nov. 15 fill in fill in fill in fill in fill in fill in Dec. 31 Balances $ fill in $ $

Weighted Average Cost Flow Method Under Perpetual Inventory SystemThe following units of a particular item were available for sale during the calendar year: Jan. 1 Inventory 15,000 units at $60.00 Mar. 18 Sale 12,000 units May 2 Purchase 27,000 units at $62.00 Aug. 9 Sale 22,500 units Oct. 20 Purchase 10,500 units at $64.20 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 5. Round unit cost to two decimal places, if necessary. Perpetual Inventory Account Weighted Average Cost Flow Method Purchases Cost of Merchandise Sold Inventory Date Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Jan. 1 fill in $ $ Mar. 18 fill in $ $ fill in fill in fill in May 2 fill in $ $ fill in fill in fill in Aug. 9 fill in fill in fill in fill in fill in fill in Oct. 20 fill in fill in fill in fill in fill in fill in Dec. 31 Balances $ fill in $ $ Question #9: 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 merchandise 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 Merchandise Sold Weighted Average Cost Flow Method Purchases Cost of Merchandise Sold Inventory Date Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Jan. 1 fill in $ $ Apr. 19 fill in $ $ fill in fill in fill in June 30 fill in $ $ fill in fill in fill in Sept. 2 fill in fill in fill in fill in fill in fill in Nov. 15 fill in fill in fill in fill in fill in fill in Dec. 31 Balances $ fill in $ $

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter6: Cost Of Goods Sold And Inventory

Section: Chapter Questions

Problem 62E

See similar textbooks

Related questions

Concept explainers

Topic Video

Question

Question #8:

Weighted Average Cost Flow Method Under Perpetual Inventory SystemThe following units of a particular item were available for sale during the calendar year:

Jan. 1	Inventory	15,000	units at $60.00
Mar. 18	Sale	12,000	units
May 2	Purchase	27,000	units at $62.00
Aug. 9	Sale	22,500	units
Oct. 20	Purchase	10,500	units at $64.20

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

Perpetual Inventory Account Weighted Average Cost Flow Method
	Purchases	Cost of Merchandise Sold	Inventory
Date	Quantity	Unit Cost	Total Cost	Quantity	Unit Cost	Total Cost	Quantity	Unit Cost	Total Cost
Jan. 1							fill in	$	$
Mar. 18				fill in	$	$	fill in	fill in	fill in
May 2	fill in	$	$				fill in	fill in	fill in
Aug. 9				fill in	fill in	fill in	fill in	fill in	fill in
Oct. 20	fill in	fill in	fill in				fill in	fill in	fill in
Dec. 31	Balances					$	fill in	$	$

Question #9:

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

Schedule of Cost of Merchandise Sold Weighted Average Cost Flow Method
	Purchases	Cost of Merchandise Sold	Inventory
Date	Quantity	Unit Cost	Total Cost	Quantity	Unit Cost	Total Cost	Quantity	Unit Cost	Total Cost
Jan. 1							fill in	$	$
Apr. 19				fill in	$	$	fill in	fill in	fill in
June 30	fill in	$	$				fill in	fill in	fill in
Sept. 2				fill in	fill in	fill in	fill in	fill in	fill in
Nov. 15	fill in	fill in	fill in				fill in	fill in	fill in
Dec. 31	Balances					$	fill in	$	$

Expert Solution

Step 1

A perpetual inventory system is an inventory management system that records the inflow and outflow of inventory on a real-time basis.

Trending now

This is a popular solution!

Step by step

Solved in 3 steps with 2 images

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.