Question: I would like to have the answer for this question please. Mckern Corner Store is a retailer that uses perpetual inventory method. The business operates
I would like to have the answer for this question please.
Mckern Corner Store is a retailer that uses perpetual inventory method. The business operates on a cash only basis. All sales returns from customers result in the goods being returned to inventory; the inventory is not damaged. You are provided with the following information for Mckern Corner Store. for the month of March 2020. Date Description Quantity Unit Cost Selling Price Apr-01 Opening Inventory 170 $18 Purchase 110 22 Sale 160 Apr-02 Apr-06 Apr-09 Apr-09 42 42 Sale return 12 Purchase 78 26 Apr-10 Purchase return 18 26 Sale 52 48 Apr-10 Apr-23 Apr-30 Purchase 106 29 Sale 116 54 Required Using moving average cost flow assumption, calculate (i) cost of goods sold (ii) ending inventory, and (iii) gross profit. Use the template provided on the next page to answer this
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