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.)
Definitions:
Operating Cycle
The operating cycle is the amount of time it takes for a company to purchase inventory, sell it to customers, and collect cash from the sales.
Credit Terms
The agreements between buyers and sellers that stipulate payment amounts and due dates, often including discounts for early payment or penalties for late payment.
Net 30
A payment term indicating that the full payment is due within 30 days of the invoice date.
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