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Make the journal entry for the sale of december

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Reference no: EM132792725

DD (Doll Destination) began December with 50 units of doll inventory that cost 12 KD each. During December, the company completed the following transactions:

Date             Description        Units              Units Cost (KD)        Units sale price

dec 2              Purchase          100                12.5
dec 8                Sale                  60                                                 25
dec 16            Purchase           200             10
dec 24              Sale              220                                                        25

Requirements

Problem 1. Compute the Cost of goods sold using the three methods (FIFO, LIFO, and weighted average).

Problem 2. Make the journal entry for the sale of December 24 (use FIFO).

Problem 3. What is the gross profit? Use weighted average method for the cost of goods sold.

Reference no: EM132792725

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