A Merchandiser That Uses a Periodic Inventory System Made the Following

Essay

A merchandiser that uses a periodic inventory system made the following cash purchases and sales during the year.There was no beginning inventory.
The company has a calendar year-end and uses the weighted average inventory valuation method.Prepare the general journal entry to record the December 1 sale and the year-end adjusting entry relating to inventory.(Round the weighted average cost per unit to two decimal points; round the ending inventory to the nearest whole dollar.)