3. The following units of a particular item were available for sale during the calendar year: Jan 1 Inventory 8,000 units at $60.00 Feb 28 Sale 7,000 units April 30 Purchase 20,000 units at $65.00 Aug 15 Sale 17,000 units Nov 1 Purchase 10,000 units at $70.00 Instructions: The company 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 6. (10 points)