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Swifty Corporation opened a new store on January 1, 2024. During 2024, the first year of operations, the following purchases and sales of inventory were made: Date Jan 5 June 11 Oct. 18 Dec. 20 Purchases Units 11 11 16 18 Cost per unit $1,000 1,240 1.340 1,490 Date July 4 Dec. 29 Sales Units 13 34 Price per unit $2,100 2.100

Swifty Corporation opened a new store on January 1, 2024. During 2024, the first year of operations, the following purchases and sales of inventory were made: Date Jan 5 June 11 Oct. 18 Dec. 20 Purchases Units 11 11 16 18 Cost per unit $1,000 1,240 1.340 1,490 Date July 4 Dec. 29 Sales Units 13 34 Price per unit $2,100 2.100

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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Prepare journal entries to record the December 20 purchase and the December 29 sale using (1) weighted average periodic and (2) weighted average perpetual. Assume both the sale and purchase were for cash (Round the weighted average cost per unit to 2 decimal places, eg 52.75 and final answers to Q decimal places, eg 5,275. If no entry is required, select "No Entry for the account titles and enter O for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manualty List all debit entries before credit entries) (11 Welshted Averas Periodis Date Account Titles Dec 20 Dec. 29 Date Account Titles (21Wichted Axtrare Peroctual Date Account Titles Dec. 20 Dec 29 Dec 29 (To record cash sales.) (To record cost of goods sold.) Debit Debit Debit Credit Credit Credit
Transcribed Image Text:Prepare journal entries to record the December 20 purchase and the December 29 sale using (1) weighted average periodic and (2) weighted average perpetual. Assume both the sale and purchase were for cash (Round the weighted average cost per unit to 2 decimal places, eg 52.75 and final answers to Q decimal places, eg 5,275. If no entry is required, select "No Entry for the account titles and enter O for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manualty List all debit entries before credit entries) (11 Welshted Averas Periodis Date Account Titles Dec 20 Dec. 29 Date Account Titles (21Wichted Axtrare Peroctual Date Account Titles Dec. 20 Dec 29 Dec 29 (To record cash sales.) (To record cost of goods sold.) Debit Debit Debit Credit Credit Credit
Swifty Corporation opened a new store on January 1, 2024. During 2024, the first year of operations, the following purchases and sales of inventory were made: Date Jan 5 June 11 Oct. 18 Dec. 20 8 Purchases Units 11 11 16 18 Cost per unit $1,000 1,240 1,340 1,490 Date July 4 Dec. 29 Sales Units 13 34 Price per unit $2.100 2,100
Transcribed Image Text:Swifty Corporation opened a new store on January 1, 2024. During 2024, the first year of operations, the following purchases and sales of inventory were made: Date Jan 5 June 11 Oct. 18 Dec. 20 8 Purchases Units 11 11 16 18 Cost per unit $1,000 1,240 1,340 1,490 Date July 4 Dec. 29 Sales Units 13 34 Price per unit $2.100 2,100
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