Use the information below to determine the sales revenue, cost of goods sold and gross profit that would be reported for the company related to the March 16 sale assuming the company uses weighted average inventory valuation and a perpetual inventory system.
$$\begin{array} { | l | l | }
\hline \text { January 1: } & \text { Purchased } 100 \text { units at \$10 per unit. } \
\hline \text { February 5: } & \text { Purchased } 60 \text { units at \$12 per unit. } \
\hline \text { March 16: } & \text { Sold } 40 \text { units for \$16 per unit. } \
\hline
\end{array}$$

Question

Use the information below to determine the sales revenue, cost of goods sold and gross profit that would be reported for the company related to the March 16 sale assuming the company uses weighted average inventory valuation and a perpetual inventory system.
 $$\begin{array} { | l | l | } 
\hline \text { January 1: } & \text { Purchased } 100 \text { units at \$10 per unit. } \
\hline \text { February 5: } & \text { Purchased } 60 \text { units at \$12 per unit. } \
\hline \text { March 16: } & \text { Sold } 40 \text { units for \$16 per unit. } \
\hline
\end{array}$$

Quizplus · Accepted Answer

The Answer of Use the information below to determine the sales revenue, cost of goods sold and gross profit that would be reported for the company related to the March 16 sale assuming the company uses weighted average inventory valuation and a perpetual inventory system.
 $$\begin{array} { | l | l | } 
\hline \text { January 1: } & \text { Purchased } 100 \text { units at \$10 per unit. } \
\hline \text { February 5: } & \text { Purchased } 60 \text { units at \$12 per unit. } \
\hline \text { March 16: } & \text { Sold } 40 \text { units for \$16 per unit. } \
\hline
\end{array}$$

Use the Information Below to Determine the Sales Revenue, Cost