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A company that uses the perpetual inventory system sold goods to a customer on account on June 14 for $54. The company has the following inventory information: Beginning Inventory June 1 June 10 June 11 June 14 Purchase Sale Sale 6 units at $5 each 14 units at $6 each 6 units 6 units The company uses the Weighted - Average method of inventory costing. Which of the following journal entries correctly records the sale on June 14? (Round any intermediate calculations and final answer to the nearest cent.) OA. Cash 54.00 Sales Revenue 54.00 Cost of Goods Sold 34.90 Merchandise Inventory 34.90 OB. Accounts Receivable 54.00 Sales Revenue 54.00 Cost of Goods Sold 90.00 Merchandise Inventory 90.00 O C. Sales Revenue 54.00 Accounts Receivable 54.00 Cost of Goods Sold 34.20 Merchandise Inventory 34.20 OD. Accounts Receivable 54.00 Sales Revenue 54.00 Cost of Goods Sold 34.20 Merchandise Inventory 34.20

A company that uses the perpetual inventory system sold goods to a customer on account on June 14 for $54. The company has the following inventory information: Beginning Inventory June 1 June 10 June 11 June 14 Purchase Sale Sale 6 units at $5 each 14 units at $6 each 6 units 6 units The company uses the Weighted - Average method of inventory costing. Which of the following journal entries correctly records the sale on June 14? (Round any intermediate calculations and final answer to the nearest cent.) OA. Cash 54.00 Sales Revenue 54.00 Cost of Goods Sold 34.90 Merchandise Inventory 34.90 OB. Accounts Receivable 54.00 Sales Revenue 54.00 Cost of Goods Sold 90.00 Merchandise Inventory 90.00 O C. Sales Revenue 54.00 Accounts Receivable 54.00 Cost of Goods Sold 34.20 Merchandise Inventory 34.20 OD. Accounts Receivable 54.00 Sales Revenue 54.00 Cost of Goods Sold 34.20 Merchandise Inventory 34.20

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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A company that uses the perpetual inventory system sold goods to a customer on account on June 14 for $54. The company has the following inventory information: June 1 Beginning Inventory June 10 June 11 June 14 Purchase Sale Sale 6 units at $5 each 14 units at $6 each 6 units 6 units The company uses the Weighted - Average method of inventory costing. Which of the following journal entries correctly records the sale on June 14? (Round any intermediate calculations and final answer to the nearest cent.) OA. Cash 54.00 Sales Revenue 54.00 Cost of Goods Sold 34.90 Merchandise Inventory 34.90 OB. Accounts Receivable 54.00 Sales Revenue 54.00 Cost of Goods Sold 90.00 Merchandise Inventory 90.00 OC. Sales Revenue 54.00 Accounts Receivable 54.00 Cost of Goods Sold 34.20 Merchandise Inventory 34.20 OD. Accounts Receivable 54.00 Sales Revenue 54.00 Cost of Goods Sold 34.20 Merchandise Inventory 34.20
Transcribed Image Text:A company that uses the perpetual inventory system sold goods to a customer on account on June 14 for $54. The company has the following inventory information: June 1 Beginning Inventory June 10 June 11 June 14 Purchase Sale Sale 6 units at $5 each 14 units at $6 each 6 units 6 units The company uses the Weighted - Average method of inventory costing. Which of the following journal entries correctly records the sale on June 14? (Round any intermediate calculations and final answer to the nearest cent.) OA. Cash 54.00 Sales Revenue 54.00 Cost of Goods Sold 34.90 Merchandise Inventory 34.90 OB. Accounts Receivable 54.00 Sales Revenue 54.00 Cost of Goods Sold 90.00 Merchandise Inventory 90.00 OC. Sales Revenue 54.00 Accounts Receivable 54.00 Cost of Goods Sold 34.20 Merchandise Inventory 34.20 OD. Accounts Receivable 54.00 Sales Revenue 54.00 Cost of Goods Sold 34.20 Merchandise Inventory 34.20
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