Culver Corporation opened a new store on January 1, 2021. During 2021, the first year of operations, the following purchases and sales of inventory were made:

Culver Corporation opened a new store on January 1, 2021. During 2021, the first year of operations, the following purchases and sales of inventory were made: Sales Date Purchases Units Cost per unit 10 $1,000 Date Units Price per unit Jan. 5 July 4 13 $2,000 June 11 10 1,150 Dec. 29 34 2,000 Oct. 18 14 1,280 Dec. 20 20 1,430 Calculate the cost of goods available for sale and the number of units of ending inventory. Cost of goods available for sale $ Number of units of ending inventory units Assume Culver uses weighted average periodic. Calculate the cost of ending inventory, cost of the goods sold, and gross profit. (Round the weighted average cost per unit to two decimal places, eg. 52.75 and final answers to O decimal places, e.g. 5,275.) Ending inventory $ Cost of goods sold $ Gross profit $ $ Assume Culver uses weighted average perpetual. Calculate the cost of ending inventory,cost of the goods sold, and gross profit. (Round the weighted average cost per unit to two decimal places, eg. 52.75 and final answers to decimal places, e.g. 5,275.) Ending inventory $ Cost of goods sold $ $ Gross profit $ Prepare journal entries to record the December 20 purchase and the December 29 sale using (1) weighted average periodic and (2) weighted average perpetual. Assume both the sale and purchase were for cash. (Round final answers to decimal places, eg. 5,275. If no entry is required, select "No Entry" for the account titles and enter for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) (1) Weighted Average periodic Debit Credit Date Account Titles and Explanation Dec. 20 (To record cash purchase.) Dec. 29 (To record cash sale.) (2) Weighted Average perpetual nhi (1) Weighted Average periodic Date Account Titles and Explanation Debit Credit Dec. 20 (To record cash purchase.) Dec. 29 (To record cash sale.) (2) Weighted Average perpetual Date Account Titles and Explanation Debit Credit Dec. 20 (To record cash purchase.) Dec. 29 (To record cash sales.) Dec. 29 (To record cost of goods sold.)

Question

Culver Corporation opened a new store on January 1, 2021. During 2021, the first year of operations, the following purchases and sales of inventory were made:

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Culver Corporation opened a new store on January 1, 2021. During 2021, the first year of operations, the following purchases and sales of inventory were made: Sales Date Purchases Units Cost per unit 10 $1,000 Date Units Price per unit Jan. 5 July 4 13 $2,000 June 11 10 1,150 Dec. 29 34 2,000 Oct. 18 14 1,280 Dec. 20 20 1,430 Calculate the cost of goods available for sale and the number of units of ending inventory. Cost of goods available for sale $ Number of units of ending inventory units Assume Culver uses weighted average periodic. Calculate the cost of ending inventory, cost of the goods sold, and gross profit. (Round the weighted average cost per unit to two decimal places, eg. 52.75 and final answers to O decimal places, e.g. 5,275.) Ending inventory $ Cost of goods sold $ Gross profit $ $ Assume Culver uses weighted average perpetual. Calculate the cost of ending inventory,cost of the goods sold, and gross profit. (Round the weighted average cost per unit to two decimal places, eg. 52.75 and final answers to decimal places, e.g. 5,275.) Ending inventory $ Cost of goods sold $ $ Gross profit $ Prepare journal entries to record the December 20 purchase and the December 29 sale using (1) weighted average periodic and (2) weighted average perpetual. Assume both the sale and purchase were for cash. (Round final answers to decimal places, eg. 5,275. If no entry is required, select "No Entry" for the account titles and enter for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) (1) Weighted Average periodic Debit Credit Date Account Titles and Explanation Dec. 20 (To record cash purchase.) Dec. 29 (To record cash sale.) (2) Weighted Average perpetual nhi (1) Weighted Average periodic Date Account Titles and Explanation Debit Credit Dec. 20 (To record cash purchase.) Dec. 29 (To record cash sale.) (2) Weighted Average perpetual Date Account Titles and Explanation Debit Credit Dec. 20 (To record cash purchase.) Dec. 29 (To record cash sales.) Dec. 29 (To record cost of goods sold.)