4 (Question 2) Question 2 [14 points] The Allaco inc company has the towing purchases and sales thing the year ended December 31, 2014 Inventory and Purchases Beginning 400 unts February 4 400 units 10%unt 110 Sales April 20 200 May 1 150 units $101/unt The units have a selling price of $125.00 per a) Given that Alarco Inc emptys a perpetuo inventory system, calidate the cost of goods malate he sale and the number of units available for saw t inventory Cost of goods ava Units available for sal Units remaning any ending mor b) Plase in the table by calculating the dollar value of cost of goods sold and ending inventory i weighted average cost per unit of merchandise inventory to the nearest cont Cost of Goods So Ending inventory Gross Profe Weighted Average c) Prepare journal enbies to record the following assuming all sales and purchases are for cashy o The pachine on May 1, (b) The sale on September 11 Enter the hamacion leder as the description when preparing a joumal entry When a transaction requires two separate journal entries, une the same letter for both descriptions Dates must be entered in the format odmen 15 Jan General ma Account xplanation Page Ga Debe Chr > A A ENG US Question 2 [14 points] The Allarco Inc. company has the following purchases and sales during the year ended December 31, 2014 Inventory and Purchases Beginning 400 units @ $98 February 4 400 units $107/unt Sales April 23 200 units September 11 300 units May 1 150 units @$101/unt The units have a selling price of $125.00 per unit a) Given that Allarco Inc employs a perpetual inventory system, calculate the cost of goods available for sale and the number of units available for sale, inventory the units maining in ending Cost of goods available for sale Units available for sale Units remaining in ending inventory 97.150 950 450 b) Please fill in the table by calculating the dollar value of cost of goods sold and ending inventory, as well as the gross profit eamed by Alarco inc using the weighted average s weighted average cost per unit of merchandise inventory to the nearest cent Weighted i Average Calculate Cost of Goods Sold Ending Inventory Gross Profit c) Prepare journal entries to record the following (assuming all sales and purchases are for cash) (a) The purchase on May 1, (b) The sale on September 11 Enter the transaction letter as the description when preparing a journal entry. When a transaction requires two separate journal entres, use the same letter for both descriptions Dates must be entered in the format ddmmm (w 15/Jan) Date General Journal AccountExplanation F Debt Page G Credt