Q:3 A company reported the current month purchase and sales data for its only product...
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Q:3 A company reported the current month purchase and sales data for its only product and uses the perpetual inventory system. Determine the cost assigned to ending inventory and cost of goods sold using weighted average method. And using the information given below, prepare general journal entries to record the transactions assuming a cash sale and purchase. Units sold at retail Date June 1 12 16 24 28 Activities Beginning Inventory Purchase Sale Purchase Sale Units Acquired at cost 120 units @ S13 80 units @ SI1 130 units @ $ 25 80 units @ S15 100 units a S 30
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