Old MathJax webview

Old MathJax webview

At the end of its reporting period, Manchester limited Inc. accountant started preparing the financial report set for the year ended 2020. The company is classified as a merchandising firm that specialize in exporting and importing 3 main products (Product A, B and C). Assume that each unit of A is sold for $30, each unit of B is sold for $40 and each unit of C is sold for $45. You have the following information related to the available inventory at 31.12.2019: Product A 1.700 units @ $17 per unit 2,800 units @ $25 per unit Product C 3,980 units @ $23 per Product B unit During the year of 2020 the company summarized the purchases transactions related to each type as follows: Product A Product B Product Purchases during march Purchases during march Purchases during February 500 units @$15 per unit 900 units @ $22 per unit 2,500 units @$20 per unit in which 100 units were returned to the seller Purchases during October Purchases during June Purchases during July 1,000 1,800 units @$16 per unit 1,900 units @s26 per unit units @s21 per unit in which 200 units were returned to the seller Purchases during Purchases during Purchases during June 600 December 500 units @s19 November 2,000 units @$23 units @$22 per unit per unit per unit in which 500 units were returned to the seller The physical count The physical count The physical count indicated that only 1300 indicated that only 2,000 indicated that only 2,000 unit remained on hand at unit remained on hand at unit remained on hand at the end of 2020 the end of 2020 the end of 2020 Calculate the cost of goods sold Answer: : Calculate the cost of ending inventory Answer: Calculate the gross profit