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Question

Below are the merchandise transactions of Yellow Company for the month of January 2014

January 1,2014 Beginning Inventory, 5.000 units purchased at TL8 per unit.

January 5,2014 Purchased 10.000 units at TL10 per unit.

January 10,2014 Sold 10.000 units at TL12 per unit.

January 15.2014 Sold 3.000 units for TL15 per unit.

January 20,2014 Purchased 5.000 units at TL14 per unit.

January 25,2014 Sold 6.000 units at TL20 per unit.

Required:

A-)Journalize transactions above according to FIFO system

B-)Calculate the followings according to Wac system

a-)Gross margin

b-)Cost of Goods Sold,

c-)Cost of Ending Inventory.

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Accounting 6 Months Ago 58 Views
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