Calculate the moving-average cost per unit at january

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Problem - 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

100

$14

January 5

Purchase

140

18

January 8

Sale

110

26

January 10

Sale return

10

26

January 15

Purchase

55

19

January 16

Purchase return

5

19

January 20

Sale

90

30

January 25

Purchase

20

21

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: EM132019541

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