Please do not give solution in image format thanku 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 2decimal 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 titlesand enter O for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manualty List alldebit entries before credit entries)(11 Welshted Averas PeriodisDate Account TitlesDec 20Dec. 29Date Account Titles(21Wichted Axtrare PeroctualDate Account TitlesDec. 20Dec 29Dec 29(To record cash sales.)(To record cost of goods sold.)DebitDebitDebitCreditCreditCredit Swifty Corporation opened a new store on January 1, 2024. During 2024, the first year of operations, the following purchases andsales of inventory were made:DateJan5June 11Oct. 18Dec. 208PurchasesUnits11111618Cost per unit$1,0001,2401,3401,490DateJuly 4Dec. 29SalesUnits1334Price per unit$2.1002,100

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Description: Please do not give solution in image format thanku 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 c

The inventory can be valued using various methods as LIFO, FIFO and weighted average method. Under…

Business

Accounting

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

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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