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4 0 mark Jjuuko Company opened a new store in February this year. During the first year of operations, the company made the following purchases
mark Jjuuko Company opened a new store in February this year. During the first year of operations, the company made the following purchases and sales:
tablePurchasesSales,,,DateUnits,CostunitDate,Units,PriceunitFebApr. AprNov. July OctInstructions
a Assume Jjuuko uses moving average perpetual. Calculate the cost of ending inventory, cost of goods sold, gross profit, GP and markup
b Assume Jjuuko uses FIFO periodic Calculate the cost of ending inventory, cost of goods sold, gross profit, GP and markup
c Prepare journal entries to record the April purchase and the April sale using FIFO periodic and Moving Average perpetual. Assume all transactions were on account.
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