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Paula's Parkas sells NorthPlace jackets. At the beginning of the year, Paula's had 20 jackets in stock, each costing $35 and selling for $60. The
Paula's Parkas sells NorthPlace jackets. At the beginning of the year, Paula's had 20 jackets in stock, each costing $35 and selling for $60. The following table details the purchases and sales made during January:
Assume that Paula's Parkas uses the perpetual FIFO method to maintain its inventory records.
- Determine Paula's Parkas cost of goods sold and ending inventory for January.
- Determine Parka's gross profit for January.
Assume the same facts except that Paula's Parkas uses the perpetual LIFO method.
- Determine Paula's Parkas cost of goods sold and ending inventory for January.
- Determine Parka's gross profit for January.
Assume the same facts as in problem 6 above except that Paula's Parkas uses the moving average method.
- Determine Paula's Parkas cost of goods sold and ending inventory for January.
- Determine Parka's gross profit for January.
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