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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: Date

Weighted average cost flow method under perpetual inventory system
The following units of a particular item were available for sale during the calendar year:
Date Line Item Description Units and Cost
Jan. 1 Inventory 9,000 units at $50.00
Mar. 18 Sale 7,000 units
May 2 Purchase 8,000 units at $56.50
Aug. 9 Sale 8,000 units
Oct. 20 Purchase 4,000 units at $60.00
The firm uses the weighted average cost method with a perpetual inventory system. Determine the cost of goods sold for each sale and the inventory balance after each sale. Present the data in the form illustrated in Exhibit 5. Round your "Unit Cost" answers to two decimal places.
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