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Current Attempt in Progress Wildhorse Company uses a perpetual inventory system. The company began 2024 with 1,300 lamps in inventory at a cost of $13
Current Attempt in Progress Wildhorse Company uses a perpetual inventory system. The company began 2024 with 1,300 lamps in inventory at a cost of $13 per unit. During 2024, Wildhorse had the following purchases and sales of lamps: All purchases and sales are on account. (a) Your answer is incorrect. Calculate the cost of goods sold and ending inventory using weighted average. (Round the weighted average cost per unit to 2 decimal places, e.g. 5.27 and final answers to 0 decimal places, e.g. 5,275.) Prepare journal entries to record the June 6 purchase and the October 18 sale. (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 0 for the amounts. Round the average cost per unit to 2 decimal places, e.g. 5.27 and final answers to 0 decimal places, e.g. 5,275. List all debit entries before credit entries.) Calculate gross profit for the year. (Round answer to 0 decimal places, e.g. 5,275.) Gross profit $ eTextbook and Media Assistance Used eTextbook
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