Lg Assignment4 (Question 2) Lyryx Learning Inc 7 Personal 7 Microsoft Edge 7 D X E] http5://| ifa'l .Iyryx.com/studentnservlets/LabServlet7ccid :11209 Question 2 [14 points] The ABC Inc. company has the following purchases and sales during the year ended December 31, 2014. Inventory and Purchases Sales Beginning: 3th units @ $70/unit April 26: 200 units February 25: 200 units @ $72/unit September 3: 300 units August 18: 200 units @ $T4/unit The units have a selling price of $105.00 per unit. a) Given thatABC Inc. employs a perpetual inventory system, calculate the cost of goods available for sale and the number of units available for sale, as well as the units remaining in ending inventory. Cost of goods available for sale: _ Units available for sale: _ Units remaining in ending inventory: _ b) Please ll in the table by calculating the dollar value of oost of goods sold and ending inventory, as well as the gross prot earned by ABC Inc. using the weighted average system. Calculate weighted average cost per unit of merchandise inventory to the nearest cent. Weighted Average Cost of Goods Sold Ending Inventory Gross Prot c) Prepare journal entries to record the following (assuming all sales and purchases are for cash): (a) The purchase on February 25, (b) The sale on September 3. Enter the transaction letter as the description when preparing a journal entry. When a transaction requires two separate journal entries, use the same letter for both descriptions. Dates must be entered in the format ddlmmm (ie. 15lJan). :: .o n I] 02: i a a e g m W merits