Weighted Average Cost Flow Method Under Perpetual Inventory SystemThe following units of a particular item were available for sale during the calendar year:Jan. 1Inventory15,000units at $60.00Mar. 18Sale12,000unitsMay 2Purchase27,000units at $62.00Aug. 9Sale22,500unitsOct. 20Purchase10,500units at $64.20The firm uses the weighted average cost method with a perpetual inventory system. Determine the cost of merchandise sold for each sale and the inventory balance after each sale. Present the data in the form illustrated in Exhibit 5. Round unit cost to two decimal places, if necessary.Perpetual Inventory AccountWeighted Average Cost Flow Method PurchasesCost of Merchandise SoldInventoryDateQuantityUnit CostTotal CostQuantityUnit CostTotal CostQuantityUnit CostTotal CostJan. 1 fill in the blank 1$fill in the blank 2$fill in the blank 3Mar. 18 fill in the blank 4$fill in the blank 5$fill in the blank 6fill in the blank 7fill in the blank 8fill in the blank 9May 2fill in the blank 10$fill in the blank 11$fill in the blank 12 fill in the blank 13fill in the blank 14fill in the blank 15Aug. 9 fill in the blank 16fill in the blank 17fill in the blank 18fill in the blank 19fill in the blank 20fill in the blank 21Oct. 20fill in the blank 22fill in the blank 23fill in the blank 24 fill in the blank 25fill in the blank 26fill in the blank 27Dec. 31Balances $fill in the blank 28fill in the blank 29$fill in the blank 30$fill in the blank 31

Answered: Weighted Average Cost Flow Method Under…

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter13: Accounting For Merchandise Inventory

Section: Chapter Questions

Problem 1MP: Hurst Companys beginning inventory and purchases during the fiscal year ended December 31, 20-2,...

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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	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 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	$fill in the blank 30	$fill in the blank 31

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