(a) Prepare the required journal entries for the month of July for Ivanhoe Company. (Round the weighted average cost per unit and final answers to 2 decimal places, e.g. 5,275.50. 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. Record journal entries in the order presented in the problem. List all debit entries before credit entries.) Date Account Titles Debit Credit

Principles of Accounting Volume 1
19th Edition
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax
Chapter10: Inventory
Section: Chapter Questions
Problem 12PA: Compare the calculations for gross margin for A76 Company, based on the results of the perpetual...
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(a)
Prepare the required journal entries for the month of July for Ivanhoe Company. (Round the weighted average cost per unit
and final answers to 2 decimal places, e.g. 5,275.50. 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. Record journal entries in the order presented in the problem. List all debit entries before credit entries.)
Date
Account Titles
(To record cash sales.)
(To record cost of goods sold.)
Debit
Credit
Transcribed Image Text:(a) Prepare the required journal entries for the month of July for Ivanhoe Company. (Round the weighted average cost per unit and final answers to 2 decimal places, e.g. 5,275.50. 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. Record journal entries in the order presented in the problem. List all debit entries before credit entries.) Date Account Titles (To record cash sales.) (To record cost of goods sold.) Debit Credit
You are given the following information for Ivanhoe Company. All transactions are settled in cash. Ivanhoe uses a perpetual inventory
system and the weighted average cost formula. Increased competition has reduced the price of the product.
Date
July 1
5
8
15
20
25
Transaction
Beginning inventory
Purchase
Sale
Purchase
Sale
Purchase
Units
25
55
(70)
55
(55)
10
Unit
Price
$16
15
27
14
24
13
Transcribed Image Text:You are given the following information for Ivanhoe Company. All transactions are settled in cash. Ivanhoe uses a perpetual inventory system and the weighted average cost formula. Increased competition has reduced the price of the product. Date July 1 5 8 15 20 25 Transaction Beginning inventory Purchase Sale Purchase Sale Purchase Units 25 55 (70) 55 (55) 10 Unit Price $16 15 27 14 24 13
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