Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. please answer this asap i will vote for sure mer

please answer this ASAP I will vote for sure Mercado Company's inventory transactions...

70.2K

Verified Solution

Question

Accounting

image

please answer this ASAP I will vote for sure

Mercado Company's inventory transactions in the fiscal year ended December 31, 2002, follow: Mercado Company uses a perpetual inventory system. Its inventory had a selling price of $115 per unit, and it entered into the following current-year sales transactions: Required: 1. Compute the cost of goods available for sale and the number of units available for sale. (10 Marks) 2. Compute the number of units in the ending inventory. (10 Marks) 3. Compute the cost assigned to ending inventory using (a) FIFO: (b) Specific Identification; and (c) Weighted-Average. (10 Marks) 4. Compute the gross profit earned by the company for each of the costing methods in part 3. (10 Marks) Analysis Component 5. If Mercado Company's manager earns a bonus based on a percentage of gross profit, which method of inventory costing will the manager likely prefer? (10 Marks)

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

            TOPIC:   EMPLOYEE HEALTH AND SAFETY IN THE ORGANIZATION Organization officials have a legal and moral responsibility to ensure...

Operations Management
Q

Hello to every one on this page. Below is the results from the experiment conducted on...

Biology
Q

A train accelerates at 1.41 m/s2 from rest to a steady speed in 68.48seconds. It maintains...

Physics
Q

Although Will conditioned his dog Winston to come to the kitchen when he hears a...

Biology
Q

You are moving into a new place, and you rented a U-Haul cargo van to...

Physics
Q

The energy used in a 100 kilometres car trip is about 15 kWh Assuming that...

Basic Math
Q

What is the value of the modulus of 6 - 4i?Enter your answer as a...

Basic Math
Q

This is a responsibility of banking regulation. "Responsible for approving the selection of bank...

Accounting
Q

A company had the following purchases during its first year of operations: Sales January April...

Accounting
Q

Rajiv Khan, CPA, est utilizando anlisis de datos de auditora para ayudar con la prueba...

Accounting
Q

The postal service of St. Vincent, an island in the West Indies, obtains a significant...

Accounting
Q

1) On January 1st, a company issues a $300,000, 10%, five-year bond at 98%. The...

Accounting