Kizspy | Question: 47
(Choose 1 answer)
(2169)A company that uses a perpetual inventory system made the following cash purchases and sales:
Jan, 1: Purchased 100 units at $10 per unit.
Feb, 5: Purchased 60 units at $12 per unit.March, 16. Sold 40 units for $16 per unit.
Prepare the general journal entry to record the March 16 sale assuming a cash sale and the weighted average method is used.
A. Dr Cash 640
Cr Sale revenue Dr COGS 450 640
Cr Inventories 450
B. Dr Cash 640
Cr Sale revenue 640
Dr COGS 340
Cr Inventories 340
C. Dr Cash 640 Cr Sale revenue 640
Dr COGS 470
Cr Inventories 470
D. Dr Cash 640
Cr Sale revenue 640
Dr COGS 430
Cr Inventories
E. None of these
430
FUOVER
