Question: The weighted average cost method uses the cost for cost of goods sold on the income statement and the cost for inventory on the balance

The weighted average cost method uses the cost for cost of goods sold on the income statement and the cost for inventory on the balance sheet. average, averege average, newest newest average oldest averege averege, oldest Samberg Inc. had the following transactions. a. Oct. 1- Sold $23,500 of merchandise on account, 1/10, n/30 to McCormick Industries. b. Nov. 1- Received a $23,500, 90-day, 10% note from McCormick Industries to settle its $23,500 unpaid balance. c. Dec. 31 - Accrued interest on the note. d. Jan. 31 - Received the interest on the note's maturity date. e. Jan. 31 - Received the principal on the note's maturity date. Required: Prepare the required journal entries. (Round your answer to the nearest whole dollar amount. If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)

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