Question
Sunland Company sells one product. Presented below is information for January for Sunland Company. Jan. 1 Inventory 113 units at $4 each 4 Sale 92
Sunland Company sells one product. Presented below is information for January for Sunland Company.
| Jan. 1 | Inventory | 113 | units at $4 each | ||
| 4 | Sale | 92 | units at $8 each | ||
| 11 | Purchase | 141 | units at $6 each | ||
| 13 | Sale | 112 | units at $9 each | ||
| 20 | Purchase | 154 | units at $7 each | ||
| 27 | Sale | 93 | units at $11 each |
Sunland uses the FIFO cost flow assumption. All purchases and sales are on account.
Compute gross profit using the perpetual system.
| Gross profit | $ |
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Accounting Accounting Made Simple For Beginners
Authors: Robert Briggs
1st Edition
1761032739, 978-1761032738
