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A company that uses the perpetual inventory system sold goods to a customer on account on June 14 for $54. The company has the following inventory information: Beginning Inventory June 1 June 10 June 11 June 14 Purchase Sale Sale 6 units at $5 each 14 units at $6 each 6 units 6 units The company uses the Weighted - Average method of inventory costing. Which of the following journal entries correctly records the sale on June 14? (Round any intermediate calculations and final answer to the nearest cent.) OA. Cash 54.00 Sales Revenue 54.00 Cost of Goods Sold 34.90 Merchandise Inventory 34.90 OB. Accounts Receivable 54.00 Sales Revenue 54.00 Cost of Goods Sold 90.00 Merchandise Inventory 90.00 O C. Sales Revenue 54.00 Accounts Receivable 54.00 Cost of Goods Sold 34.20 Merchandise Inventory 34.20 OD. Accounts Receivable 54.00 Sales Revenue 54.00 Cost of Goods Sold 34.20 Merchandise Inventory 34.20

A company that uses the perpetual inventory system sold goods to a customer on account on June 14 for $54. The company has the following inventory information: Beginning Inventory June 1 June 10 June 11 June 14 Purchase Sale Sale 6 units at $5 each 14 units at $6 each 6 units 6 units The company uses the Weighted - Average method of inventory costing. Which of the following journal entries correctly records the sale on June 14? (Round any intermediate calculations and final answer to the nearest cent.) OA. Cash 54.00 Sales Revenue 54.00 Cost of Goods Sold 34.90 Merchandise Inventory 34.90 OB. Accounts Receivable 54.00 Sales Revenue 54.00 Cost of Goods Sold 90.00 Merchandise Inventory 90.00 O C. Sales Revenue 54.00 Accounts Receivable 54.00 Cost of Goods Sold 34.20 Merchandise Inventory 34.20 OD. Accounts Receivable 54.00 Sales Revenue 54.00 Cost of Goods Sold 34.20 Merchandise Inventory 34.20

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter7: Inventories: Cost Measurement And Flow Assumptions
Section: Chapter Questions
Problem 12RE: Carla Company uses the perpetual inventory system. The following information is available for...
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A company that uses the perpetual inventory system sold goods to a customer on account on June 14 for $54. The company has the following inventory information: June 1 Beginning Inventory June 10 June 11 June 14 Purchase Sale Sale 6 units at $5 each 14 units at $6 each 6 units 6 units The company uses the Weighted - Average method of inventory costing. Which of the following journal entries correctly records the sale on June 14? (Round any intermediate calculations and final answer to the nearest cent.) OA. Cash 54.00 Sales Revenue 54.00 Cost of Goods Sold 34.90 Merchandise Inventory 34.90 OB. Accounts Receivable 54.00 Sales Revenue 54.00 Cost of Goods Sold 90.00 Merchandise Inventory 90.00 OC. Sales Revenue 54.00 Accounts Receivable 54.00 Cost of Goods Sold 34.20 Merchandise Inventory 34.20 OD. Accounts Receivable 54.00 Sales Revenue 54.00 Cost of Goods Sold 34.20 Merchandise Inventory 34.20
Transcribed Image Text:A company that uses the perpetual inventory system sold goods to a customer on account on June 14 for $54. The company has the following inventory information: June 1 Beginning Inventory June 10 June 11 June 14 Purchase Sale Sale 6 units at $5 each 14 units at $6 each 6 units 6 units The company uses the Weighted - Average method of inventory costing. Which of the following journal entries correctly records the sale on June 14? (Round any intermediate calculations and final answer to the nearest cent.) OA. Cash 54.00 Sales Revenue 54.00 Cost of Goods Sold 34.90 Merchandise Inventory 34.90 OB. Accounts Receivable 54.00 Sales Revenue 54.00 Cost of Goods Sold 90.00 Merchandise Inventory 90.00 OC. Sales Revenue 54.00 Accounts Receivable 54.00 Cost of Goods Sold 34.20 Merchandise Inventory 34.20 OD. Accounts Receivable 54.00 Sales Revenue 54.00 Cost of Goods Sold 34.20 Merchandise Inventory 34.20
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