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The Stake Technology Inc. company has the following purchases and sales during the year ended December 31, 2014 Inventory and Purchases Sales Beginning 300 units
The Stake Technology Inc. company has the following purchases and sales during the year ended December 31, 2014 Inventory and Purchases Sales Beginning 300 units @ $97/unit July 31:1 March 18: 200 units $102/unit 100 units December 27: 300 units September 27: 100 units @$107/unit The units have a selling price of $125.00 per unit. a) Given that Stake Technology 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: Units available for sale: Units remaining in ending inventory: 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 Stake Technology Inc. using the weighted average system Calculate weighted average cost per unit of merchandise inventory to the nearest cent Cost of Goods Sold Ending Inventory Gross Profit Weighted Average c) Prepare journal entries to record the following (assuming all sales and purchases are for cash): (a) The purchase on September 27, (b) The sale on December 27, 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. Datos must be entered in the format ddimmm (e. 15/Jan) General Journal Page Gu Date Account Explanation F Debit Credt
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