EX 7-8 Weighted average cost flow method under perpetual inventory system OBJ.3 The following units of a particular item were available for sale during the calendar year: Jan.1 Inventory 30,000 units at $30.00 Mar. 18 May 2 Purchase 54,000 units at $31.00 Aug. 9 Oct. 20 Purchase 21,000 units at $32.10 Sale 24,000 units Sale 45,000 units 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