Planet began January with merchandise inventory of 72 crates of vitamins that cost a total...
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Accounting
Planet began January with merchandise inventory of 72 crates of vitamins that cost a total of KD 3,600.
During the month, purchased and sold merchandise on account as follows:
Jan. 5 Purchase 120 crates @ KD 78 each
Jan. 13 Sale 130 crates @ KD 96 each
Jan. 18 Purchase 124 crates @ KD 90 each
Jan. 26 Sale 130 crates @ KD 104 each
Requirement:
Prepare a perpetual inventory record, using the FIFO inventory costing method, and determine the company's cost of goods sold, ending merchandise inventory, and gross profit.
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