Top Light Company uses a perpetual inventory system. The company began 2017 with 1,000 lamps in inventory at a cost of $12 per unit. During 2017, Top Light had the following purchases and sales of lamps:

All purchases and sales are on account.
Instructions
(a) Calculate the cost of goods sold and ending inventory using weighted average.
(b) Prepare journal entries to record the June 6 purchase and the October 18 sale.
(c) Calculate gross profit for the year?

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February 15 April 24 June 6 October 18 December 4 Purchased Sold Purchased Sold Purchased 2,000 units@ $18 per unit 2,500 units@ $30 per unit 3,500 units @ $23 per unit 2,000 units @ $33 per unit 1,400 units @ $26 per unit