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Weighted Average Cost Flow Method Under Perpetual Inventory System The following units of a particular item...

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 30,000 units at $30.00
Mar. 18 Sale 24,000 units
May 2 Purchase 54,000 units at $31.00
Aug. 9 Sale 45,000 units
Oct. 20 Purchase 21,000 units at $32.10

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 $ $
Mar. 18 $ $
May 2 $ $
Aug. 9
Oct. 20
Dec. 31 Balances $ $ $

Homework Answers

Answer #1
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 30,000 30       900,000
Mar. 18 24,000 30     720,000 6,000 30       180,000
May-02 54,000 31 1,674,000 60,000 30.9    1,854,000
Aug. 9 45,000 30.9 1,390,500 15,000 30.9       463,500
Oct. 20 21,000 32.1     674,100 36,000 31.6    1,137,600
Dec. 31 Balances $2,110,500 $1,137,600
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