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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
January 15
121
January 16
Purchase return
11
January 20
198
33
January 25
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.
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