8. PERPETUAL WEIGHTED AVERAGE (refer to Question #6) P6.4A (LO 2, 3) AP Information for Churchill Company is presented in P6.3A. Assume the same inventory data and that the company uses a perpetual inventory system. Ignore the inventory shortage in P6.3A part (d). Instructions a. Calculate the cost of goods sold and the ending inventory using weighted average. Round the weighted average cost per unit to two decimal places. b. Prepare the journal entry to record the November 15 sale. c. If the company changes from weighted average to FIFO and prices continue to fall, would you expect the cost of goods sold and ending inventory amounts to be higher or lower? CPA # 6 23W Page 7 of 10