just need the general journal debits and. redits for march 16
Rounto question 10 points P7-3 Comparing and Contrasting the Effects of Inventory Costing Methods on Financial Statement Elements LO7-2,7-3 Neverstop Corporation sells item A as part of its product line. Information about the beginning inventory, purchases, and sales of item A are given in the following table for the first six months of the current year. The company uses a perpetual inventory system: Purchases Number of Units Unit Coat 550 $3.50 Sales Number of Units Sales Price 350 Date January 1 (beginning inventory) January 24 February 8 March 16 June 11 55.00 650 $3.60 350 $5.00 650 53.60 Required: 1. Compute the cost of ending inventory by using the weighted average costing method. (Do not round intermediate calculations and round the final answer to 2 decimal places.) Answer is complete and correct. Ending Inventory $ 4,128.00 2. Compute the gross profit for the first six months of the current year by using the FIFO costing method. (Do not round Intermediate calculations and round the final answer to 2 decimal places.) Answer is complete and correct. Grpas profil $ 1,035.00 1 Return to question 3. Woulu une y U PUNUTI, IU, U UNGHII PISUUSEU UR wyravety LUHUR than the FIFO method? 10 points Higher Remain the same Lower 4. Prepare journal entries to record the purchase and sale transactions, as well as the cost of sales, assuming that all sales and purchase transactions are on account and that the weighted average method is used. (Do not round intermediate calculations and round the final answers to 2 decimal places. If no entry is required for a transaction/event, select "No journal entry required in the first account field.) Answer is complete but not entirely correct. No Date General Journal Credit 1 January 24 Accounts receivable Sales Debit 1.750.00 1,750.00 2 January 24 1.225.00 Cost of sales Inventory OO 1.225.00 3 February 08 2,340.00 Inventory Accounts payable 2,340.00 March 16 1.750.00 Accounts receivable Sales lo 1,750.00 5 1.253.00 March 16 Cost of sales Inventory 1.253.00 6 2,340.00 June 11 Inventory Accounts payable 2,340.00