Sunshine Pets Ltd. holds beginning inventory of 13 bags of health science cat food at a cost of $24 each, as at July 1.

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Sunshine Pets Ltd Holds Beginning Inventory Of 13 Bags Of Health Science Cat Food At A Cost Of 24 Each As At July 1 1 (228.02 KiB) Viewed 47 times

Sunshine Pets Ltd. holds beginning inventory of 13 bags of health science cat food at a cost of $24 each, as at July 1. During the month of July, the company has recorded the following purchases and sales (see table below). Sunshine Pets Ltd. is using the perpetual inventory method and follows the weighted average cost method. Assume that all purchase and sales transactions have been made in cash. Date Purchased Units Purchased Weighted Unit Cost in Average per Sales Units $ Unit 26.00 24.76 Sales Unit Price in $ 8 02-Jul 10-Jul 12-Jul 14 62.00 12 27.00 26.18 Req. 1: Prepare the four required journal entries for the puchase and selling transactions listed in the table above. Use table 1 below for your answer. Req. 2: Calculate Sunshine Pet's ending inventory cost ($-amount) at the end of July. Enter the amount in table 2 below. Required format: plain number (no $-sign, etc.), round to two digits. Req. 3: Disregard your own calucations for the cost of goods sold and assume they are $312.00. Calculate the gross profit margin (i.e., gross profit percentage) and enter your response in table 3 below. Required format: enter percentage as plain number (no %-sign, etc.), round to two digits. E.g. if the calculated result is 0.64582, enter 64.58