3. Weighted average Costs flow at an average of costs available. $70 Income Statement Net sales..... Cost of goods sold.... Gross profit......... $ 100 60 $ 40 May 6 $65 May 3 Balance Sheet Inventory $120 $45 May 1 Inventory $120 May 1 Knowledge Check 01 Assume that we use a perpetual Inventory system and that five identical units are purchased at the following dates and costs: April 5 April 10 April 15 April 20 April 22 $10 $12 $14 $16 $17 One unit is sold on April 25. The company uses the weighted average inventory costing method. Identify the cost of the ending Inventory on the balance sheet (Round your answer to 2 decimal places.) Cost of the ending Inventory