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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
January 15
55
19
January 16
Purchase return
5
January 20
90
30
January 25
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.
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