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MCB Ltd . uses a perpetual inventory system and reports the following transactions for the month of January: January 1 Beginning Inventory, 3 0 ,
MCB Ltd uses a perpetual inventory system and reports the following transactions for the month of January:
January Beginning Inventory, units purchased at $ per unit.
January Purchased with cash units merchandise at $ per unit.
January Sold with cash units merchandise at $ per unit.
January Purchased on account units merchandise at $ per unit.
January Purchased with cash units merchandise at $ per unit.
January Sold on account units merchandise at $ per unit.
Required:
Under the FIFO Costflow method, Under the LIFO Costflow method, and Under the Weighted Average Costflow method;
a Journalize the transactions and prepare the ledger accounts Taccounts
b Calculate Gross Profit
c Calculate Gross Profit Margin
d Calculate the Cost of Ending Inventory
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