Financial Accounting Assignment
Mercer Inc. is a retailer operating in British Columbia. Mercer uses the perpetual inventory method. All sales returns from customers result in the goods being returned to inventory; the inventory is not damaged. Assume that there are no credit transactions; all amounts are settled in cash. You are provided with the following information for Mercer Inc. for the month of January 2015.
|
Date
|
Description
|
Quantity
|
Unit Cost or Selling Price
|
|
January
|
1
|
Beginning inventory
|
280
|
$12
|
|
January
|
5
|
Purchase
|
392
|
14
|
|
January
|
8
|
Sale
|
308
|
23
|
|
January
|
10
|
Sale return
|
28
|
23
|
|
January
|
15
|
Purchase
|
154
|
15
|
|
January
|
16
|
Purchase return
|
14
|
15
|
|
January
|
20
|
Sale
|
252
|
28
|
|
January
|
25
|
Purchase
|
56
|
18
|
Calculate the Moving-average cost per unit at January 1, 5, 8, 15, 20, & 25.