Mercer Inc. is a retailer operating in British Columbia. Mercer uses the perpetual inventory method. All...

  

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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 2015. Date January 10 January 15 January 16 January 1 January 5 January 8 Sale January 20 January 25 January 1 January 5 January 8 Description January 10 Beginning inventory Purchase January 15 Sale return Purchase Purchase return. Sale Purchase (a1) Your answer is partially correct. Try again. Calculate the Moving-average cost per unit at January 1, 5, 8, 15, 20, & 25. (Round answers to 3 decimal places, e.g. $5.251.) Moving-Average Cost per unit 15 4 $ E $ 4 Quantity ✓ 200 280 220 20 110 10 180 40 16.75 16.75 16.75 Unit Cost or Selling Price 17.67 $15 18 27 27 20 20 29 21 January 10 January 15 January 16 January 20 January 25 LINK TO TEXT $ K s Cost of goods sold Ending inventory Gross profit x SHOW SOLUTION SHOW ANSWER LINK TO TEXT x 5 $ $ $ 16.75 LIFO 17.67 (a2) 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. (Round answers to 0 decimal places, e.g. $2,150.) 18.18 18.18. 18.18 $ $ $ FIFO $ $ $ Attempts: 5 of 5 used Moving-average 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 2015. Date January 10 January 15 January 16 January 1 January 5 January 8 Sale January 20 January 25 January 1 January 5 January 8 Description January 10 Beginning inventory Purchase January 15 Sale return Purchase Purchase return. Sale Purchase (a1) Your answer is partially correct. Try again. Calculate the Moving-average cost per unit at January 1, 5, 8, 15, 20, & 25. (Round answers to 3 decimal places, e.g. $5.251.) Moving-Average Cost per unit 15 4 $ E $ 4 Quantity ✓ 200 280 220 20 110 10 180 40 16.75 16.75 16.75 Unit Cost or Selling Price 17.67 $15 18 27 27 20 20 29 21 January 10 January 15 January 16 January 20 January 25 LINK TO TEXT $ K s Cost of goods sold Ending inventory Gross profit x SHOW SOLUTION SHOW ANSWER LINK TO TEXT x 5 $ $ $ 16.75 LIFO 17.67 (a2) 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. (Round answers to 0 decimal places, e.g. $2,150.) 18.18 18.18. 18.18 $ $ $ FIFO $ $ $ Attempts: 5 of 5 used Moving-average

Answer rating: 100% (QA)

al Date January 1 January 10 January 5 Purchase 280 January 8 Sale January 15 January 16 U... View the full answer