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Date Comfy Co. sells chairs and uses a perpetual inventory system. Information about the company's purchases and sales of the chairs in the month
Date Comfy Co. sells chairs and uses a perpetual inventory system. Information about the company's purchases and sales of the chairs in the month of March follow: Units and unit sales price Units and unit purchase cost March 1 Beginning inventory 400 units @ $120 March 12 Sale 250 units @ $300 March 14 Purchase 500 units @ $139.50 March 27 Sale 200 units @ $310 Required: a. Determine the dollar amount to be assigned to the ending inventory and to cost of goods sold using the weighted average costing method. Show and label your calculations.(7 marks) b. Using information from your answer in a), complete the journal entry for the March 12 sale on account to Diner Co., in the General Journal provided below. (2 marks) Paragraph B I UA Part a. +
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