Normal profit margin
30.62
Determine the following:
46.11
41.79
Question 3
Matlock Company uses a perpetual inventory system. Its beginning
inventory consists of 67 units that cost $40 each. During June, the
company purchased 202 units at $40 each, returned 8 units for credit,
and sold 168 units at $67 each. Journalize the June transactions.
Question 4
Amsterdam Company uses a periodic inventory system. For April,
when the company sold 700 units, the following information is
available.
Compute the April 30 inventory and the April cost of goods sold
using the average cost method.
Question 5
Amsterdam Company uses a periodic inventory system. For April,
when the company sold 600 units, the following information is
available.
Compute the April 30 inventory and the April cost of goods sold
using the FIFO method.
Question 6
(FIFO, LIFO, Average Cost Inventory)
Esplanade Company was formed on December 1, 2011. The
following information is available from Esplanade’s inventory records
for Product BAP.
Purchases
Units
Unit Cost
January 1, 2012(beginning inventory)
762
8.00
January 5, 2012
1,524
9.00
January 25, 2012
1,651
10.00
February 16, 2012
1,061
11.00
March 26, 2012
762
12.00
A physical inventory on March 31, 2012, shows 2,032 units on hand.
Prepare schedules to compute the ending inventory at March 31,