A Merchandiser That Uses a Periodic Inventory System Made the Following

question 196

Essay

A merchandiser that uses a periodic inventory system made the following cash purchases and sales during the year.There was no beginning inventory.
The company has a calendar year-end and uses the weighted average inventory valuation method.Prepare the general journal entry to record the December 1 sale and the year-end adjusting entry relating to inventory.(Round the weighted average cost per unit to two decimal points; round the ending inventory to the nearest whole dollar.)

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Definitions:

Assimilation

An individual’s incorporation of new information into existing knowledge.

Conservation

In cognitive development, the understanding that an object retains its properties even when its form or appearance changes.

Qualitatively Different

A term used to describe differences that cannot be measured by numbers alone, often involving distinct categories or types rather than amounts or degrees.

Environmental Influences

Factors outside the individual, such as social, cultural, and physical environments, that affect behaviors, attitudes, and development.