Question

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. 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
Apr. 19				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
June 30	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
Sept. 2				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
Nov. 15	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

Answer 1

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-01							4,000	20	80,000
Apr-19				2,500	20	50,000	1,500	20	30,000
Jun-30	6,000	24	144,000				7,500	23.2	174,000
Sep-02				4,500	23.2	104,400	3,000	23.2	69,600
Nov-15	1,000	25	25,000				4,000	23.65	94,600
Dec-31	Balances			7,000		154,400	4,000	23.65	94,600

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