Question
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)
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