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

Complete this income statement for two System

MARIS MERCHANDISE ENTITY INCOME STATEMENT FOR THE MONTH ENDED DECEMBER 31, 2022 (PERPETUAL SYSTEM)
Data	FIFO METHOD	LIFO METHOD	MOVING AVERAGE METHOD
Sales Revenues
Less: Costs of Goods Sold
Gross Profit or Gross Margin
Less: Selling and Administrative Expenses
Income Before Taxes
Less: Income Taxes Expenses
Net Income