A company that commenced operations on July 1, 2021, uses a perpetual inventory system and made the following cash purchases and sales:

July 1 - purchased 25 units at $15.00/unit

July 10 purchased 50 units @ $12.00/unit

July 12 Sold 60 units at $32.00/unit

1. Present general journal entries to record the sale assuming the First-in First-out (FIFO) inventory valuation method is used: (Show Calculations)

1. What would be the cost of inventory sold on March 1 if the Weighted Average Method were used to value the inventory? (Show Calculations)