Information of Maris Merchandise Entity January 1 Purchases 10,000 at $1 per unit January 4...
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Accounting
Information of Maris Merchandise Entity
January 1 Purchases 10,000 at $1 per unit
January 4 Purchases 13,000 at $1.25 per unit
January 5 Sold 5,000 units
January 10 Sold 8,000 units
January 15 Purchases 10,000 at $1.87 per unit
January 29 Sold 9,000 units
Sold price - $45 per unit. Selling and Administrative Expenses - $150,000. Income Taxes Rate 29%.
Instructions:
Using Perpetual System calculate the Cost of Goods Sold and the Cost of Ending Inventory for the merchandise inventory of X-Mart Merchandise Entity.
Using this title for table of Perpetual System using FIFO, LIFO, MOVING AVERAGE METHOD
| MARIs MERCHANDISE ENTITY
PERPETUAL FIFO | |||||||||
| Date | Purchases | Sold or Issued | Balance | ||||||
| Units | Cost per Unit | Total Costs | Units | Cost per Unit | Total Costs | Units | Cost per Unit | Total Costs | |
| January 1 | 10,000 | $1 | $10,000 |
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