Weighted average cost flow method under perpetual inventory system
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 fill in the blank 28 fill in the blank 29
