Question: exercise 89 metlock company sells one product presented below is...
Exercise 8-9 Metlock Company sells one product. Presented below is information for January for Metlock Company. Jan. 1 Inventory 107 units at $5 each 4 Sale 84 units at $8 each 11 Purchase 146 units at $6 each 13 Sale 118 units at $9 each 20 Purchase 153 units at $7 each 27 Sale 89 units at $10 each Metlock uses the FIFO cost flow assumption. All purchases and sales are on account.
A) Compute gross profit using the periodic system.
B) Assume Metlock uses a perpetual system. Prepare all necessary journal entries.
C) Compute gross profit using the perpetual system.