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 goods sold for each sale and the inventory balance after each sale. Present the data in the form illustrated in Exhibit 5.
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