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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Topic Video
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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
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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