Required: Assuming that the company uses the perpetual inventory system compute the Gross Profit and the...

 

 

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Required: Assuming that the company uses the perpetual inventory system compute the "Gross Profit" and the cost that should be assigned to ending inventory using a) Moving weighted average cost method b) First in First Out Method (FIFO). Date Jan. 1 Jan. 4 Jan. 8 Jan. 10 Jan. 12 Jan. 15 Jan. 18 Jan. 24 Beginni ng Invento ry Sale Purcha se Sale Purcha se Sale Purcha se Purcha se Units 1,400 300 600 1,300 900 150 500 800 Purcha sing Price $19 20 21 22 23 Selling Price $30 $30 $30 Ⓒ Jan. 8 Jan. 10 Jan. 12 Jan. 15 Jan. 18 Jan. 24 Purcha se Sale Purcha se Sale Purcha se Purcha se 600 1,300 900 150 500 800 20 21 22 23 $30 $30 Required: Assuming that the company uses the perpetual inventory system compute the "Gross Profit" and the cost that should be assigned to ending inventory using a) Moving weighted average cost method b) First in First Out Method (FIFO). Date Jan. 1 Jan. 4 Jan. 8 Jan. 10 Jan. 12 Jan. 15 Jan. 18 Jan. 24 Beginni ng Invento ry Sale Purcha se Sale Purcha se Sale Purcha se Purcha se Units 1,400 300 600 1,300 900 150 500 800 Purcha sing Price $19 20 21 22 23 Selling Price $30 $30 $30 Ⓒ Jan. 8 Jan. 10 Jan. 12 Jan. 15 Jan. 18 Jan. 24 Purcha se Sale Purcha se Sale Purcha se Purcha se 600 1,300 900 150 500 800 20 21 22 23 $30 $30

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Step 1 Periodic inventory system means where day to day in or out of goods is not recorde... View the full answer