ABBA uses the weighted average inventory cost flow assumption under the perpetual inventory system. The following transactions took place in January 2018. Unit Selling Price/ Date Units Cost 2,000 $0.50 Jan. 1 Opening Inventory 5 Sale #1 6 Purchase #1 1,200 1,000 5.00 2.00 10 Purchase #2 500 1.00 16 Sale #2 2,000 1,000 6.00 21 Purchase #3 2.50 All sales are made on account. Round all per unit costs to two decimal places. Required: a. Record the journal entry for the January 5 sale. Show calculations for cost of goods sold.

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A: A)

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