Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Mittler & Sons Inc. had the following purchases and sales transactions during the month of April 2019. Mittler uses the perpetual inventory method to account

Mittler & Sons Inc. had the following purchases and sales transactions during the month of April 2019. Mittler uses the perpetual inventory method to account for inventory. Date Activities Units Acquired at Cost Units Sold at Retail Apr. 1 Beginning inventory 20 units @ $3,000 per unit Apr. 6 Purchase 30 units @ $3,500 per unit Apr. 9 Sales 35 units @ $12,000 per unit Apr. 17 Purchase 5 units @ $4,500 per unit Apr. 25 Purchase 10 units @ $4,800 per unit Apr. 30 Sales 25 units @ $14,000 per unit Total 65 units 60 units Required 1. Compute cost of goods available for sale and the number of units available for sale. 2. Compute the number of units in ending inventory.

3. Compute the cost assigned to ending inventory using (a) LIFO, and (b) weighted average (round amounts to two decimals, If needed) 4. Compute gross profit earned by the company for both costing methods in part 3. Reminder: Continue using the excel HW policies for preparing your solutions to the above questions, including the standard four line heading. (Please send through a memory card chip)(don't forget to use excel)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

IS Audit And Control For Accountants

Authors: Mr Amir Manzoor

1st Edition

1493665006, 978-1493665006

More Books

Students also viewed these Accounting questions