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Question was answered by another expert but the last two were wrong. All I need solved is those two. Neverstop Corporation sells item A as
Question was answered by another expert but the last two were wrong. All I need solved is those two.
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 590 Unit Cost $4.30 Number of Units Date January 1 (beginning inventory) January 24 February 8 March 16 June 11 Sales Price $5.80 390 690 390 $4.40 $4.55 650 $6.00 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 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 Credits Journal entries Date Accounts Title & Explanation 24-Jan Accounts Receivable To Sales Revenue (390*5.80) (Entry for recording of sales revenue on credit) Debit $ 2,262 2,262 24-Jan 1,677 Cost of goods sold (390*4.30) To Merchandise Inventory (Entry for recording of cost of goods sold) 1,677 Weighted average cost per unit is = 5 4.30 (since only beginning inventory) 08-Feb 3,036 Merchandise Inventory (690*4.40) To Accounts Payable (Entry for recording of purchase of credit) 3,036 16-Mar 3,900 Accounts Receivable To Sales Revenue (650*6.00) (Entry for recording of sales revenue on credit) 3,900 16-Mar 2,847 Cost of goods sold (650*4.38) To Merchandise Inventory (Entry for recording of cost of goods sold) 2,847 Weighted average cost per unit is = ((200*4.30)-(690*4.40))/(200-690) = 5 4.38/. 11-Jun 1,775 Merchandise Inventory (390*4.55) To Accounts Payable (Entry for recording of purchase of credit) 1,775 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.) No Answer is complete but not entirely correct. General Journal Trade receivables Sales Date January 24 Credit Debit 2.262.00 1 2,262.00 January 24 1,677.00 Cost of sales Inventory 1,677.00 February 08 3,036.00 Inventory Trade payables 3,036.00 March 16 3,900.00 Trade receivables Sales 3,900.00 March 16 2,847.00 X Cost of sales Inventory 2,847.00 June 11 1,775.00 X Inventory Trade payables 1,775.00 XStep by Step Solution
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