Flounder 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:

Purchases							Sales
Date		Units			Cost per unit		Date		Units			Price per unit
Jan. 5		11			$ 1,100		July 4		13			$ 2,000
June 11		11			1,250		Dec. 29		35			2,000
Oct. 18		15			1,360
Dec. 20		20			1,550

Assume Flounder 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, e.g. 52.75 and final answers to 0 decimal places, e.g. 5,275.)

Ending inventory		$
Cost of goods sold		$
Gross profit		$

Assume Flounder 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, e.g. 52.75 and final answers to 0 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 0 decimal places, e.g. 5,275. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. (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.)