Sandhill Co. uses a perpetual inventory system. The company began 2021 with 1,200 lamps in inventory...

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Sandhill Co. uses a perpetual inventory system. The company began 2021 with 1,200 lamps in inventory at a cost of $13 per unit. During 2021, Sandhill had the following purchases and sales of lamps: February 15 Purchased 2,400 units @ $19 per unit April 24 Sold 3,000 units @ $31 per unit June 6 Purchased 4,200 units @ $24 per unit October 18 Sold 2,400 units @ $34 per unit December 4 Purchased 1,680 units @ $27 per unit All purchases and sales are on account. Calculate the cost of goods sold and ending inventory using weighted average. (Round the weighted average cost per unit to three decimal places, e.g. 5.275 and final answers to 0 decimal places, eg. 5,275.) Average Cost of goods sold Ending inventory %24 %24 %24 Prepare journal entries to record the June 6 purchase and the October 18 sale. (Credit account titles are automatically indented when the amount is entered, Do not indent manually, If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Round the average cost per unit to three decimal places, eg 5.275 and final answers to 0 decimal places, eg. 5.275.) Date Account Titles and Explanation Debit Credit June 6 (To record purchase on account.) Oct. 18 (To record sales on account.) Oct. 18 Calculate gross profit for the year. (Round answer to 0 decimal places, e.g. 5,275.) Gross profit eTextbook and Media List of Accounts Sandhill Co. uses a perpetual inventory system. The company began 2021 with 1,200 lamps in inventory at a cost of $13 per unit. During 2021, Sandhill had the following purchases and sales of lamps: February 15 Purchased 2,400 units @ $19 per unit April 24 Sold 3,000 units @ $31 per unit June 6 Purchased 4,200 units @ $24 per unit October 18 Sold 2,400 units @ $34 per unit December 4 Purchased 1,680 units @ $27 per unit All purchases and sales are on account. Calculate the cost of goods sold and ending inventory using weighted average. (Round the weighted average cost per unit to three decimal places, e.g. 5.275 and final answers to 0 decimal places, eg. 5,275.) Average Cost of goods sold Ending inventory %24 %24 %24 Prepare journal entries to record the June 6 purchase and the October 18 sale. (Credit account titles are automatically indented when the amount is entered, Do not indent manually, If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Round the average cost per unit to three decimal places, eg 5.275 and final answers to 0 decimal places, eg. 5.275.) Date Account Titles and Explanation Debit Credit June 6 (To record purchase on account.) Oct. 18 (To record sales on account.) Oct. 18 Calculate gross profit for the year. (Round answer to 0 decimal places, e.g. 5,275.) Gross profit eTextbook and Media List of Accounts Sandhill Co. uses a perpetual inventory system. The company began 2021 with 1,200 lamps in inventory at a cost of $13 per unit. During 2021, Sandhill had the following purchases and sales of lamps: February 15 Purchased 2,400 units @ $19 per unit April 24 Sold 3,000 units @ $31 per unit June 6 Purchased 4,200 units @ $24 per unit October 18 Sold 2,400 units @ $34 per unit December 4 Purchased 1,680 units @ $27 per unit All purchases and sales are on account. Calculate the cost of goods sold and ending inventory using weighted average. (Round the weighted average cost per unit to three decimal places, e.g. 5.275 and final answers to 0 decimal places, eg. 5,275.) Average Cost of goods sold Ending inventory %24 %24 %24 Prepare journal entries to record the June 6 purchase and the October 18 sale. (Credit account titles are automatically indented when the amount is entered, Do not indent manually, If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Round the average cost per unit to three decimal places, eg 5.275 and final answers to 0 decimal places, eg. 5.275.) Date Account Titles and Explanation Debit Credit June 6 (To record purchase on account.) Oct. 18 (To record sales on account.) Oct. 18 Calculate gross profit for the year. (Round answer to 0 decimal places, e.g. 5,275.) Gross profit eTextbook and Media List of Accounts Sandhill Co. uses a perpetual inventory system. The company began 2021 with 1,200 lamps in inventory at a cost of $13 per unit. During 2021, Sandhill had the following purchases and sales of lamps: February 15 Purchased 2,400 units @ $19 per unit April 24 Sold 3,000 units @ $31 per unit June 6 Purchased 4,200 units @ $24 per unit October 18 Sold 2,400 units @ $34 per unit December 4 Purchased 1,680 units @ $27 per unit All purchases and sales are on account. Calculate the cost of goods sold and ending inventory using weighted average. (Round the weighted average cost per unit to three decimal places, e.g. 5.275 and final answers to 0 decimal places, eg. 5,275.) Average Cost of goods sold Ending inventory %24 %24 %24 Prepare journal entries to record the June 6 purchase and the October 18 sale. (Credit account titles are automatically indented when the amount is entered, Do not indent manually, If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Round the average cost per unit to three decimal places, eg 5.275 and final answers to 0 decimal places, eg. 5.275.) Date Account Titles and Explanation Debit Credit June 6 (To record purchase on account.) Oct. 18 (To record sales on account.) Oct. 18 Calculate gross profit for the year. (Round answer to 0 decimal places, e.g. 5,275.) Gross profit eTextbook and Media List of Accounts Sandhill Co. uses a perpetual inventory system. The company began 2021 with 1,200 lamps in inventory at a cost of $13 per unit. During 2021, Sandhill had the following purchases and sales of lamps: February 15 Purchased 2,400 units @ $19 per unit April 24 Sold 3,000 units @ $31 per unit June 6 Purchased 4,200 units @ $24 per unit October 18 Sold 2,400 units @ $34 per unit December 4 Purchased 1,680 units @ $27 per unit All purchases and sales are on account. Calculate the cost of goods sold and ending inventory using weighted average. (Round the weighted average cost per unit to three decimal places, e.g. 5.275 and final answers to 0 decimal places, eg. 5,275.) Average Cost of goods sold Ending inventory %24 %24 %24 Prepare journal entries to record the June 6 purchase and the October 18 sale. (Credit account titles are automatically indented when the amount is entered, Do not indent manually, If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Round the average cost per unit to three decimal places, eg 5.275 and final answers to 0 decimal places, eg. 5.275.) Date Account Titles and Explanation Debit Credit June 6 (To record purchase on account.) Oct. 18 (To record sales on account.) Oct. 18 Calculate gross profit for the year. (Round answer to 0 decimal places, e.g. 5,275.) Gross profit eTextbook and Media List of Accounts Sandhill Co. uses a perpetual inventory system. The company began 2021 with 1,200 lamps in inventory at a cost of $13 per unit. During 2021, Sandhill had the following purchases and sales of lamps: February 15 Purchased 2,400 units @ $19 per unit April 24 Sold 3,000 units @ $31 per unit June 6 Purchased 4,200 units @ $24 per unit October 18 Sold 2,400 units @ $34 per unit December 4 Purchased 1,680 units @ $27 per unit All purchases and sales are on account. Calculate the cost of goods sold and ending inventory using weighted average. (Round the weighted average cost per unit to three decimal places, e.g. 5.275 and final answers to 0 decimal places, eg. 5,275.) Average Cost of goods sold Ending inventory %24 %24 %24 Prepare journal entries to record the June 6 purchase and the October 18 sale. (Credit account titles are automatically indented when the amount is entered, Do not indent manually, If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Round the average cost per unit to three decimal places, eg 5.275 and final answers to 0 decimal places, eg. 5.275.) Date Account Titles and Explanation Debit Credit June 6 (To record purchase on account.) Oct. 18 (To record sales on account.) Oct. 18 Calculate gross profit for the year. (Round answer to 0 decimal places, e.g. 5,275.) Gross profit eTextbook and Media List of Accounts

Answer rating: 100% (QA)

SOLUTION Average Cost in Ss Units Cost in Ss Total in Ss 01Jan Beginning Inve... View the full answer