Beginning inventory, purchases and sales data of DEF Co. are as follows: Assuming DEF Co. adopts perpetual inventory system and follow weighted average cost method, prepare journal entry for the above transactions. Ignore transactions. Question 3: (20 marks) BB Co. has the following transactions during May, 2011, its first month of operation. Required: Calculate total sales, ending inventory, cost of goods sold and gross profit using weighted average Cos (round to 2 decimal places) ppt21