Whitby Inc. is a wholesaler that uses a perpetual inventory system. The company's accounting records provided...

  

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Whitby Inc. is a wholesaler that uses a perpetual inventory system. The company's accounting records provided the following transactions for Product B during the fiscal year ended on December 31, 2020. Date March 5 June 15 September 19 November 20 Transactions Purchase Sale Purchase Sale Units 19,000 10,000 8,000 16,000 Unit Cost $9 11 Sale Price $27 30 Additional information: • The beginning inventory consisted of 7,000 units at a total cost of $56,000. . All sales are made on account with credit terms, 2/10, n/30. • Customers who purchased 10,000 units on November 20 paid the amount due within the discount period. All other customers paid their accounts receivable after the discount period. At the start of each question below, we indicate whether the First-in, First-out (FIFO) method or the Weighted Average Cost (WAC) method is used. (FIFO) The cost of sales for 2020 is: O A S248,000. O B. $235,000. OC. $227,000. OD. $304,000. (FIFO) The gross profit percentage for 2020 is: O A. 69.49% O B. 69.73% OC. 68.41% O D. 59.14% O E. None of the other percentages. Whitby Inc. is a wholesaler that uses a perpetual inventory system. The company's accounting records provided the following transactions for Product B during the fiscal year ended on December 31, 2020. Date March 5 June 15 September 19 November 20 Transactions Purchase Sale Purchase Sale Units 19,000 10,000 8,000 16,000 Unit Cost $9 11 Sale Price $27 30 Additional information: • The beginning inventory consisted of 7,000 units at a total cost of $56,000. . All sales are made on account with credit terms, 2/10, n/30. • Customers who purchased 10,000 units on November 20 paid the amount due within the discount period. All other customers paid their accounts receivable after the discount period. At the start of each question below, we indicate whether the First-in, First-out (FIFO) method or the Weighted Average Cost (WAC) method is used. (FIFO) The cost of sales for 2020 is: O A S248,000. O B. $235,000. OC. $227,000. OD. $304,000. (FIFO) The gross profit percentage for 2020 is: O A. 69.49% O B. 69.73% OC. 68.41% O D. 59.14% O E. None of the other percentages.

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Available for sale Cost of goods sold Ending Inventory Date Unitsa Unit cost b Total Cost a x b Unit... View the full answer