A Company That Uses a Perpetual Inventory System Made the Following

question 184

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.

---

Definitions:

Administrative Action

Decisions and operations carried out by government or organizational bodies in the execution of their duties.

Governmental Powers

Authority granted to government bodies to dictate and regulate policies, enforce laws, and govern over citizens.

Traditional Branches

The main, long-established divisions or categories within a particular field or profession, often referring to fields like government, education, or science.

Orders

A command or directive given by someone in authority.