On March 12, Fret Company sold merchandise in the amount of…

On March 12, Fret Company sold merchandise in the amount of $7,800 to Babson Company, with credit terms of 2/10, n/30. The cost of the items sold is $4,500. Fret uses the perpetual inventory system and the gross method of accounting for sales. Babson pays the invoice on March 17 and takes the appropriate discount. The journal entry that Fret makes on March 17 is:

A company had the following purchases and sales during its f…

A company had the following purchases and sales during its first month of operations: Date Activities Units Acquired at Cost Units Sold at Retail January 1 Purchase 10 units @ $4.00 = $40.00 January 9 Sales 6 units @ $12.00 January 17 Purchase 8 units @ $5.50 = $44.00 January 27 Sales 7 units @ $12.00 Using the Periodic weighted average method, what is the value of cost of goods sold? Note: Round weighted average cost per unit to 2 decimal places.