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.

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Definitions:

Cultural Intelligence

The capability to relate and work effectively across cultures, including understanding and adapting to cultural contexts.

Contextual Resilience

A leader’s ability to anticipate roadblocks and find better ways of doing things in a complex, cross-border environment.

Core Competencies

Fundamental strengths or unique advantages that a company possesses, enabling it to outperform competitors or deliver value to customers.

Geographic Boundaries

Physical or imaginary lines that define the spatial limits of entities such as countries, states, or municipalities.