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 2017. The company uses a perpetual inventory system: Purchases Sales Number of Units Sales Price Number of Units 565 Unit Cost $ 3.80 365 $5.30 Date January 1 (beginning inventory) January 24 February 8 March 16 June 11 665 $3.90 625 $5.50 365 $4.05 4. Prepare journal entries to record the purchase and sale transactions, as well as the cost of sales, assuming 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.) View transaction list Journal entry worksheet 1 2 3 4 5 6 > Record sales on account. Note: Enter debits before credits. Date General Journal Debit Credit January 24 Record entry Clear entry View general journal