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 merchandise sold for each sale and the inventory balance after each sale. Present the data in the form illustrated in Exhibit 6. Round unit cost to two decimal places, if necessary

Schedule of Cost of Merchandise Sold Weighted Average Cost Flow Method
	Purchases			Cost of Merchandise Sold			Inventory
Date	Quantity	Unit Cost	Total Cost	Quantity	Unit Cost	Total Cost	Quantity	Unit Cost	Total Cost
Jan. 1								$	$
Mar. 18					$	$
May 2		$	$
Aug. 9
Oct. 20
Dec. 31	Balances					$		$	$