Mubila Company uses a perpetual inventory system and reports the following inventory transactions for the month of October:

Oct 1 Inventory at the start of the month: 150 units @ $5 per unit

Oct 12 Purchases: 230 units @ $6 per unit

Oct 15 Sales: 250 units

Oct 16 Purchases: 490 units @ $7

Oct 23 Purchases: 175 units @ $8

Oct 27 Sales: 570 units

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(a) Prepare a FIFO perpetual inventory card. (7 marks) Date Purchases Sales Balance (b) Assuming all units are sold for $15 per unit calculate the gross profit. (2 marks) (a) Prepare a FIFO perpetual inventory card. (7 marks) Date Purchases Sales Balance (b) Assuming all units are sold for $15 per unit calculate the gross profit. (2 marks)

Answer rating: 100% (QA)

a Date Purchases Sales Balance Units Units cost Total cost Units ... View the full answer