Question 2 [14 points] The ABC Inc. company has the following purchases and sales during the year ended December 31, 2014. Inventory and Purchases Sales Beginning: 300 units @ $43/unit March 13: 300 units January 8: 450 units @ $39/unit December 18: 300 units October 30: 300 units @ $36/unit The units have a selling price of $50.00 per unit. a) Given that ABC Inc. employs a perpetual inventory system, calculate the cost of goods available for sale and the number of units available for sale, as well as the units remaining in ending inventory. Cost of goods available for sale: 41,250 Units available for sale: 1,050 Units remaining in ending inventory: 450 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 ABC Inc. using the weighted average system. Calculate weighted average cost per unit of merchandise inventory to the nearest cent. Weighted Average Cost of Goods Sold Ending Inventory Gross Profit c) Prepare journal entries to record the following (assuming all sales and purchases are for cash): (a) The purchase on October 30, (b) The sale on December 18. 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 GJS Date Account/Explanation F Debit Credit Activate Windows Go to Settings to activate Windows