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solve this question according to GAAP canadian standard Question 4 [18 points] The Callaho Inc. company has the following purchases and sales during the year
solve this question according to GAAP canadian standard
Question 4 [18 points] The Callaho Inc. company has the following purchases and sales during the year ended December 31, 2014. Inventory and Purchases Sales Beginning: 150 units @ $19/unit March 12: 50 units March 17: 150 units @ $18/unit September 1: 300 units July 25: 250 units @ $17/unit The units have a selling price of $20.00 per unit. a) Given that Callaho Inc. employs a perpetual inventory system, calculate the cost of goods available for sale and the number of units available for sale, as well as the units remaining in ending inventory. Cost of goods available for sale: Units available for sale: Units remaining in ending inventory: b) Please fill in the table by calculating the dollar value of cost of goods sold and ending inventory, as well as the gross profit earned by Callaho Inc. using the following systems : FIFO and Weighted Average. Calculate weighted average cost per unit of merchandise inventory to the nearest cent. Weighted Average FIFO Cost of Goods Sold Ending Inventory Gross ProfitStep by Step Solution
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