Solution-Calculate cost of goods sold and ending inventory

Calculate cost of goods sold and ending inventory

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

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Calculate cost of goods sold and ending inventory

Reference no: EM132060887

Reference no: EM132060887

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