chapter 6 -q7

financial Accounting II

Current Attempt in Progress You are given the following information for Ivanhoe Eompany. All transactions are settled in cash. Ivanhoe uses a perpetual imventory system and the weighted average cost formula. Increased competition has reduced the price of the product. Prepare the required joumal entries for the month of July for Ivanhoe Company, (Round the weighted average cost per unit and final answers to 2 decimal places, e.g. 5,275.50. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Record journal entries in the order presented in the problem. List all debit entries before credit entries.) (To record cost of goods sold.) (To record cash sales.) (To record cost of goods sold.)