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need help with this question, please give detailed workings if possible. thanks in advance!
Grouper Inc. has provided you with the following information. This company purchases its inventory from a supplier for cash and has only cash sales. Grouper uses the average cost formula in a perpetual inventory system. Increased competition has recently reduced the price of the product. Unit Unit Cost Date Price Units 50 Apr. 1 $77 6 93 Explanation Beginning inventory Purchases Sales Purchases Sales $121 8 15 110 (130) 120 (120) 20 70 20 101 27 Purchases 58 (a) Prepare all journal entries for the month of April for Grouper. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. Round answers to 2 decimal places, e.g. 1.25. If no entry is required, select "No Entry" for the account titles and enter Ofor the amounts.) Debit Credit Date Account Titles and Explanation April 1 6 8 (To record sales) 8 (To record cost of goods sold) 15 20 (To record sales) 20 (To record the inventory sold) 27
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