Aldor Corporation opened a new store on January 1, 201
Question and Solution
Aldor Corporation opened a new store on January 1, 2014. During 2014, the fi rst year of operations, the following pur
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Aldor Corporation opened a new store on January 1, 2014. During 2014, the fi rst year of operations, the following purchases and sales of inventory were made: Instructions (a) Calculate the cost of goods available for sale and the number of units of ending inventory. (b) Assume Aldor uses average periodic. Calculate the cost of ending inventory, cost of the goods sold, and gross profit. (c) Assume Aldor uses average perpetual. Calculate the cost of ending inventory, cost of the goods sold, and gross profit. (d) Prepare journal entries to record the December 20 purchase and the December 29 sale using (1) average periodic and (2) average perpetual. (e) Compare the results of (b) and (c) above and comment. Taking It Further If a company uses the average cost determination method, are there any benefits to using average perpetual over average periodic? Explain.
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