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 4,000 units at $20
Apr. 19 Sale 2,500 units
June 30 Purchase 6,000 units at $24
Sept. 2 Sale 4,500 units
Nov. 15 Purchase 1,000 units at $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.
Schedule of Cost of Goods Sold
Weighted Average Cost Flow Method
Purchases Cost of Goods Sold Inventory
Date Quantity Unit Total Quantity Unit Total Quantity Unit Total
Cost Cost Cost Cost Cost Cost
Jan. 1
Apr. 19
June 30
Sept. 2
Nov. 15
Dec. 31