X company prepares monthly financial statements and uses the periodic weighted average method. At April...
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| X company prepares monthly financial statements and uses the periodic weighted average method. At April 30, 2021, in inventory there were 2,500 units on hand that cost $10.00 per unit. | |||||||||||||||
| In addition, the following information from X Company was provided for the month of May, 2021. | |||||||||||||||
| Date | Description | Quantity (units) | Unit cost/selling price per unit | ||||||||||||
| 05-May | Purchase | 2,000 | $10.50 | ||||||||||||
| 11-May | Sale | 1,100 | $13 | ||||||||||||
| 16-May | Purchase | 2,600 | $11 | ||||||||||||
| 22-May | Sale | 2,100 | $14.50 | ||||||||||||
| 30-May | Sale | 2,900 | $14.50 | ||||||||||||
| 31-May | Purchase | 1,700 | $12 | ||||||||||||
| Required- | |||||||||||||||
| Prepare the journal entries required on May 31, 2021 to record the cost of goods sold. Use four decimal places when calculating unit costs. | |||||||||||||||
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