Question: Basic Accounting: Perpetual system Need notes!, on how answer is generated. Feb. 1Inventory1,000 units @ $7 10Sale420 units 12Purchase1,000 units @ $7.50 15Sale1250 units 28Purchase1,000

Basic Accounting: Perpetual system

Need notes!, on how answer is generated.

Feb.

1Inventory1,000 units @ $7

10Sale420 units

12Purchase1,000 units @ $7.50

15Sale1250 units

28Purchase1,000 units @ $8

31Sale700 units

  1. Using FIFO:

a. What is the balance of merchandise inventory account at end February?

b. What is Gross Profit?

2.Using LIFO:

What is the balance of merchandise inventory account at end February?

b. What is the Gross Profit?

c. Journal entry for Feb.10 sale of 420 units

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