Question 2 [12 points] Barton Corporation employs a perpetual inventory system using weighted average. Barton Corporation has the following purchases and sales during the year ended December 31, 2014. Assume all purchases and sales are for cash. Inventory and Purchases Sales Beginning: 300 units @ $16/unit March 17: 300 units January 16: 450 units @ $15/unit July 24 300 units May 11 300 units @ $14/unit The units have a selling price of $20.00 per unit. Calculate weighted average cost per unit of merchandise inventory to the nearest cent. a) Calculate the cost of goods available for sale, the number of units available for sale, and the units remaining in ending inventory. Cost of Goods available for sale: Units available for sale: Units remaining in ending inventory: c) Prepare journal entries to record (a) the purchase on January 16 and (b) the sale on July 24. Enter the transaction letter as the description when preparing a journal entry. When a transaction requires two separate journal entries, use the same letter for both descriptions. Dates must be entered in the format dd/mmm (ie. 15/Jan).) General Journal Page GJ8 Date Account/Explanation F Debit Credit + = b) Please fill in the table by calculating the dollar value of cost of goods sold and ending inventory as well as the gross profit earned by Barton Corporation Cost of Goods Sold: Ending Inventory Gross Profit: Balance in Inventory Units AvgCost/Unit Total $ This schedule is provided for calculation purposes only and is not marked Purchases/Transportation-In/ Cost of Goods Sold/ (Purchase Returns/Discounts) (Returns to Inventory) Date Units Cost/Unit Total $ Units Cost/Unit Total $ January 1 January 16 March 17 May 11 July 24