Question: PROBLEM 2 12 POINTS 25 MINUTES Board Games Ltd. provides you with the following information about its operations for the month of January 20X0. January

PROBLEM 2 12 POINTS 25 MINUTES

Board Games Ltd. provides you with the following information about its operations for the month of January 20X0.

January 1 The company had 5,000 units of an item that originally cost $15 per unit. It uses a perpetual inventory system.

January 8 The company purchased 30,000 units of the item on credit at a cost of $20 per unit.

January 14 The company sold 25,000 units at $35 per unit for cash.

January 21 The company purchased an additional 10,000 units for $25 per unit with cash.

January 29 The company sold 5,000 units on credit at $37 per unit.

Work to be done

Make the journal entries required to record the transactions, assuming the company determines the cost of inventory using the weighted average cost method.

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