Question: Hi could someone tell me why I got this wrong? Thank you! P7-3 Comparing and Contrasting the Effects of Inventory Costing Methods on Financial Statement

Hi could someone tell me why I got this wrong? Thank you!

Hi could someone tell me why I got this wrong? Thank you!P7-3 Comparing and Contrasting the Effects of Inventory Costing Methods on Financial

P7-3 Comparing and Contrasting the Effects of Inventory Costing Methods on Financial Statement Elements LO7-2, 7-3 Neverstop Corporation sells item A as part of its product line. Information about the beginning inventory, purchases, and sales of item A are given in the following table for the first six months of the current year. The company uses a perpetual inventory system: Purchases Number of Units Unit Cost 545 $3.40 Sales Number of Units Sales Price 345 $4.90 Date January 1 (beginning inventory) January 24 February 8 March 16 June 11 645 $3.50 345 $4.90 645 $3.50 4. Prepare journal entries to record the purchase and sale transactions, as well as the cost of sales, assuming that all sales and purchase transactions are on account and that the weighted average method is used. (Do not round intermediate calculations and round the final answers to 2 decimal places. If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Answer is complete but not entirely correct. No Date General Journal Debit Credit 1 January 24 1,690.50 Accounts receivable Sales 1,690.50 2 January 24 Cost of sales 1,173.00 Inventory 1,173.00 3 February 08 ol 2,257.50 Inventory Accounts payable 2,257.50 4 4 March 16 Accounts receivable 1,690.50 Sales 1,690.50 5 March 16 Cost of sales 1,690.50 X Inventory 1,690.50 X 6 June 11 2,257.50 Inventory Accounts payable 2,257.50

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