Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

number 4 number 4 This is in the form of hundreds and thousands, not decimals. The following is data on beginning inventory and data on

number 4
image text in transcribed
number 4
image text in transcribed
This is in the form of hundreds and thousands, not decimals.
The following is data on beginning inventory and data on purchases and sales of Miracle Co. merchandise, during the first three months of 2021: Date Information Unit Cost/Unit 01 January Initial inventory 500 Rp 15.000 17 January Purchase 1.000 Rp17.500 23 February sale 400 Rp25.000 28 February Purchase 1.500 Rp18.000 06 March sale 1.200 Rp25.000 12 March Purchase 1.000 Rp 19.000 20 March sale 800 Rp25.000 Requested: 1. Calculate the cost of ending inventory using the perpetual inventory system and the FIFO method. 2. Calculate cost of goods sold, gross profit, and percentage of gross profit. The following is data on beginning inventory and data on purchases and sales of Miracle Co. merchandise. during the first three months of 2021: Date Information Unit Cost/Unit 01 January Initial inventory 500 Rp 15.000 17 January Purchase 1.000 Rp 17.500 23 February sale 400 Rp25.000 28 February Purchase 1.500 Rp18.000 06 March sale 1.200 Rp25.000 12 March Purchase 1.000 Rp 19.000 20 March sale 800 Rp25.000 Requested: 1. Calculate the cost of ending inventory using the perpetual inventory system and the FIFO method. 2. Calculate cost of goods sold, gross profit, and percentage of gross profit

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

Management And Cost Accounting

Authors: Colin Drury

9th Edition

1408093936, 978-1408093931

More Books

Students also viewed these Accounting questions