A Company That Uses a Perpetual Inventory System Made the Following

question 129

Essay

A company that uses a perpetual inventory system made the following cash purchases and sales.There was no beginning inventory.
$\begin{array}{|l|l|}\hline \text { January } 1: & \text { Purchased } 100 \text { units at } \$ 10 \text { per unit } \\\hline \text { February 5: } & \text { Purchased } 60 \text { units at } \$ 12 \text { per unit } \\\hline \text { March 16: } & \text { Sold } 40 \text { units for } \$ 16 \text { per unit }\\\hline\end{array}$

Prepare the general journal entry to record the March 16 sale,assuming the weighted-average method is used.

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Definitions:

Symbolic Play

A type of play in which children use objects, actions, or ideas to represent other objects, actions, or ideas, as part of their cognitive development.

Sensorimotor Stage

Piaget’s first stage in cognitive development, in which infants learn through senses and motor activity.

Recognition Memory

The ability to recognize previously encountered events, objects, or people.

Preoperational

Pertains to Piaget's stage of cognitive development (roughly ages 2-7) where children start to use language but do not yet comprehend concrete logic.