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	10,000	units at $75.00
Mar. 18	Sale	8,000	units
May 2	Purchase	18,000	units at $77.50
Aug. 9	Sale	15,000	units
Oct. 20	Purchase	7,000	units at $80.25

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 unit cost to two decimal places, if necessary.

Schedule of Cost of Goods Sold Weighted Average Cost Flow Method
	Purchases			Cost of Goods Sold			Inventory
Date	Quantity	Unit Cost	Total Cost	Quantity	Unit Cost	Total Cost	Quantity	Unit Cost	Total Cost
Jan. 1							fill in the blank 1	fill in the blank 2	fill in the blank 3
Mar. 18				fill in the blank 4	fill in the blank 5	fill in the blank 6	fill in the blank 7	fill in the blank 8	fill in the blank 9
May 2	fill in the blank 10	fill in the blank 11	fill in the blank 12				fill in the blank 13	fill in the blank 14	fill in the blank 15
Aug. 9				fill in the blank 16	fill in the blank 17	fill in the blank 18	fill in the blank 19	fill in the blank 20	fill in the blank 21
Oct. 20	fill in the blank 22	fill in the blank 23	fill in the blank 24				fill in the blank 25	fill in the blank 26	fill in the blank 27
Dec. 31	Balances					fill in the blank 28	fill in the blank 29	fill in the blank 30	fill in the blank 31

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