Question
ABC. Ltd. uses a perpetual inventory system and the weighted average cost method. The following represents complete information on inventory transactions for ABC. Ltd. for
ABC. Ltd. uses a perpetual inventory system and the weighted average cost method. The following represents complete information on inventory transactions for ABC. Ltd. for the year:
January 1: Opening inventory 8000 units at $ 6 per unit
June 1: Purchased 5000 units at $ 7 per unit
August 1: Purchased 3000 units at $ 6 per unit
October 1: Sold 12000 units at $ 22 per unit
Calculate the gross profit (margin) for the year. Round your answer to the nearest dollar.
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Intermediate Accounting
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield
16th edition
1118742974, 978-1118743201, 1118743202, 978-1118742976
