Solution-Calculate cost of goods sold and ending inventory

Calculate cost of goods sold and ending inventory

Assignment Help Accounting Basics

Reference no: EM132060887

Question - Mercer Inc. is a retailer operating in British Columbia. Mercer uses the perpetual inventory method. All sales returns from customers result in the goods being returned to inventory; the inventory is not damaged. Assume that there are no credit transactions; all amounts are settled in cash. You are provided with the following information for Mercer Inc. for the month of January 2014.

Date	Description	Quantity	Unit Cost or Selling Price
January 1	Beginning inventory	220	$16
January 5	Purchase	308	19
January 8	Sale	242	28
January 10	Sale return	22	28
January 15	Purchase	121	22
January 16	Purchase return	11	22
January 20	Sale	198	33
January 25	Purchase	44	24

Calculate the Moving-average cost per unit at January 1, 5, 8, 15, 20, & 25.

For each of the following cost flow assumptions, calculate cost of goods sold, ending inventory, and gross profit. (1) LIFO. (2) FIFO. (3) Moving-average cost.

Reference no: EM132060887

Questions Cloud

Program for developing non-verbal communication skills : 60 children, ages 3-5, are selected to participate in a program for developing non-verbal communication skills

Prepare the journal entries to record this transaction : On March 4, 2015, Carpenter Co. receives payment of $5,920 in full from Megan Gray. Prepare the journal entries to record this transaction

Clear example of ineffective altruism : What modern day phenomena is a clear example of Ineffective Altruism? How could it be changed to make it effective?

What circumstances would the pmhnp order naloxone : Under what circumstances would the PMHNP order naloxone (Narcan) IM/SQ?

Calculate cost of goods sold and ending inventory : For each of the following cost flow assumptions, calculate cost of goods sold, ending inventory, and gross profit. (1) LIFO. (2) FIFO. (3) Moving-average cost

What would be the amount of discount : The bonds were retired on January 1, 2013 for 102 percent par. What would be the amount of discount that would have to be credited upon the retirement

Special concerns or considerations for interpreting results : What are the special concerns or considerations for interpreting results when the dependent variable is a physiological measure

Compute the estimated cost of the ending inventory : On June 30, Calico Fabrics has the following data pertaining to the retail inventory method. Compute the estimated cost of the ending inventory

What is the us versus them mentality : What is the "Us Versus Them" mentality, including the concepts of in-group bias and out-group homogeneity?

User Account

All Pages

Calculate cost of goods sold and ending inventory

Reference no: EM132060887

Reference no: EM132060887

Questions Cloud

Reviews

Write a Review

Accounting Basics Questions & Answers

How much control does fed have over this longer real rate

Coures:- fundamental accounting principles

Accounting problems

Theory of interest - term structure of interest rates

Write a report on internal controls

Prepare the bank reconciliation for company

Cost-benefit analysis

Theory of interest

Liquidity and profitability

What is the expected risk premium on the portfolio

Simple interest and compound interest

Capm and venture capital

Assured A++ Grade

Academics

Major Subjects

Majors

Get In Touch

TERMS & POLICIES

HELP & SUPPORT