U3 A3 Assignment - Perpetual Inventory System Macadamia Company had a beginning inventory on January 1, 2021, of 125 uni

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U3 A3 Assignment Perpetual Inventory System Macadamia Company Had A Beginning Inventory On January 1 2021 Of 125 Uni 1 (101.3 KiB) Viewed 41 times

U3 A3 Assignment - Perpetual Inventory System Macadamia Company had a beginning inventory on January 1, 2021, of 125 units of product Razzmatazz at a cost of $26 per unit. During the year, purchases and sales of Razzmatazz were as follows: Date Purchases Sales # Units Cost/Unit #Units Sales Price/Unit Feb. 20 400 $28 March 1 200 $50 May 5 300 $32 June 10 225 $52 Oct. 12 300 $36 Nov.. 1 500 $52 Nov. 8 175 $38 Macadamia Company uses a perpetual system. Instructions: 1. Determine the cost of goods sold and ending inventory under each of the three cost flow assumptions: (a) FIFO, (b) Weighted Average Cost, and (c) LIFO. 2. Calculate Gross Profit under the 3 cost flow assumptions. Show your calculations.