A company that uses the perpetual inventory system sold goods to a customer on account on June 14 for $54. The company has the followin Beginning Inventory 6 units at $5 each June 1 June 10 Purchase 14 units at $6 each June 11 June 14 Sale Sale - 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- answer to the nearest cent.) OA. Cash 54.00 Sales Revenue 54.00 Cost of Goods Sold 34.90 Merchandise Inventory 34.90 B. Accounts Receivable Sales Revenue 54.00 54.00
A company that uses the perpetual inventory system sold goods to a customer on account on June 14 for $54. The company has the followin Beginning Inventory 6 units at $5 each June 1 June 10 Purchase 14 units at $6 each June 11 June 14 Sale Sale - 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- answer to the nearest cent.) OA. Cash 54.00 Sales Revenue 54.00 Cost of Goods Sold 34.90 Merchandise Inventory 34.90 B. Accounts Receivable Sales Revenue 54.00 54.00
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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
Beginning Inventory
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
B. 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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