Mercer Inc. is a retailer operating in British Columbia. Mercer uses the perpetual inventory method. All sales returns from customers result in the goods being returned to inventory; the inventory is not damaged. Assume that there are no credit transactions; all amounts are settled in cash. You are provided with the following information for Mercer Inc. for the month of January 2014.
Date Description Quantity Unit Cost
Jan 1 Beginning inventory 280 $14
Jan 5 Purchase 392 $17
Jan 8 Sale 308 $28
Jan 10 Sale return 28 $28
Jan 15 Purchase 154 $20
Jan 16 Purchase return 14 $20
Jan 20 Sale 252 $31
Jan 25 Purchase 56 $22
a. Calculate the Moving-average cost per unit at January 1, 5, 8, 15, 20, & 25.
b. For each of the following cost flow assumptions, calculate cost of goods sold, ending inventory, and gross profit. (1) LIFO. (2) FIFO. (3) Moving-average cost.
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Mercer Inc. is a retailer operating in British Columbia. Mercer uses the perpetual inventory method....
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