Assume that the business in Exercise 6-9 maintains a perpetual inventory system. Determine the cost of merchandise

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Assume that the business in Exercise 6-9 maintains a perpetual inventory system. Determine the cost of merchandise sold for each sale and the inventory balance after each sale, assuming the last-in, first-out method. Present the data in the form illustrated in Exhibit 4.

Data Form Exercise 6-9:

The following units of a particular item were available for sale during the calendar year:

                                

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.

Exhibit 4:

Entries And Perpetual Inventory Account

                        

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Related Book For  book-img-for-question

Corporate Financial Accounting

ISBN: 978-1133952411

12th edition

Authors: Carl S. Warren, James M. Reeve, Jonathan E. Duchac

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