Weighted Average Cost Flow Method Under Perpetual Inventory System 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 Sale 24,000 units May 2 Purchase 54,000 units at $31.00 Aug. 9 Sale 45,000 units Oct. 20 Purchase 21,000 units at $32.10 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. Round unit cost to two decimal places, if necessary. Schedule of Cost of Merchandise Sold Weighted Average Cost Flow Method Cost of Merchandise Sold Quantity Unit Cost Purchases Unit Cost Inventory Unit Cost Quantity Total Cost Total Cost Quantity Total Cost Date Jan. 1 Mar. 18 May 2 $ Aug. 9 Oct. 20 Dec. 31 Balances Perpetual Inventory Using LIFO Beginning Inventory, purchases, and sales data for portable game players are as follows: Apr. 1 Inventory 49 units O $68 10 Sale 38 units Purchase 66 units $71 20 Sale 38 units Sale 11 units 24 30 Purchase 29 units $75 The business maintains a perpetual Inventory system, costing by the last-in, first-out method. Determine the cost of merchandise sold for each sale and the Inventory balance after each sale, presenting the data in the form illustrated in Exhibit 4. Under LIFO, if units are in inventory at two different costs, enter the units with the HIGHER unit cost first in the Cost of Merchandise Sold Unit Cost column and LOWER unit cost first in the Inventory Unit Cost column. Schedule of Cost of Merchandise Sold LIFO Method Portable Game Players Cost of Merchandise Sold Unit Cost Cost of Merchandise Sold Total Cost Inventory Quantity Quantity Purchased Purchases Unit Cost Purchases Total Cost Quantity Sold Inventory Unit Cost Inventory Total Cost Date Apr. 1 Apr. 10 Apr. 15 Apr. 24 Apr 30 Apr. 30 Balance