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 2014.
Date Description Quantity Unit Cost
Jan 1 Beginning inventory 280 $14
Jan 5 Purchase 392 $17
Jan 8 Sale 308 $28
Jan 10 Sale return 28 $28
Jan 15 Purchase 154 $20
Jan 16 Purchase return 14 $20
Jan 20 Sale 252 $31
Jan 25 Purchase 56 $22
a. Calculate the Moving-average cost per unit at January 1, 5, 8, 15, 20, & 25.
b. 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.
Answers: 1
Another question on Business
Business, 21.06.2019 20:00
Answer the following questions using the data given below. annual percent return on mutual funds (n = 17) last year (x) this year (y) 11.9 15.4 19.5 26.7 11.2 18.2 14.1 16.7 14.2 13.2 5.2 16.4 20.7 21.1 11.3 12.0 –1.1 12.1 3.9 7.4 12.9 11.5 12.4 23.0 12.5 12.7 2.7 15.1 8.8 18.7 7.2 9.9 5.9 18.9
Answers: 3
Business, 22.06.2019 13:50
Which one of the following statements is true? ddt does not prevent disease from passing from agricultural animals to humans. cost was a major factor in the united states government's decision to ban ddt. many african governments concluded that the potential long-term health effects of ddt were not as serious as the immediate problem of insect control. ddt cannot accumulate in the fat of animals. the ddt ban in the united states has made it very difficult to control agricultural insect pests.
Answers: 3
Business, 22.06.2019 15:20
Record the journal entry for the provision for uncollectible accounts under each of the following independent assumptions: a. the allowance for doubtful accounts before adjustment has a credit balance of $500. b. the allowance for doubtful accounts before adjustment has a debit balance of $250. c. assume that octoberʼs credit sales were $70,000. uncollectible accounts expense is estimated at 2% of sales. smith, gaylord n.. excel applications for accounting principles (p. 51). cengage textbook. kindle edition.
Answers: 1
Business, 22.06.2019 19:30
He moto hotel opened for business on may 1, 2017. here is its trial balance before adjustment on may 31. moto hotel trial balance may 31, 2017 debit credit cash $ 2,283 supplies 2,600 prepaid insurance 1,800 land 14,783 buildings 72,400 equipment 16,800 accounts payable $ 4,483 unearned rent revenue 3,300 mortgage payable 38,400 common stock 59,783 rent revenue 9,000 salaries and wages expense 3,000 utilities expense 800 advertising expense 500 $114,966 $114,966 other data: 1. insurance expires at the rate of $360 per month. 2. a count of supplies shows $1,050 of unused supplies on may 31. 3. (a) annual depreciation is $2,760 on the building. (b) annual depreciation is $2,160 on equipment. 4. the mortgage interest rate is 5%. (the mortgage was taken out on may 1.) 5. unearned rent of $2,580 has been earned. 6. salaries of $810 are accrued and unpaid at may 31
Answers: 2
You know the right answer?
Mercer Inc. is a retailer operating in British Columbia. Mercer uses the perpetual inventory method....
Questions
Social Studies, 20.01.2021 23:50
Mathematics, 20.01.2021 23:50
Mathematics, 20.01.2021 23:50
Mathematics, 20.01.2021 23:50
Mathematics, 20.01.2021 23:50
Mathematics, 20.01.2021 23:50
Mathematics, 20.01.2021 23:50
History, 20.01.2021 23:50
Mathematics, 20.01.2021 23:50
Mathematics, 20.01.2021 23:50
Mathematics, 20.01.2021 23:50
Mathematics, 20.01.2021 23:50
Computers and Technology, 20.01.2021 23:50
