Suppose a Johnson store in Ottawa, Ontario, ended Nove
Question and Solution
Suppose a Johnson store in Ottawa, Ontario, ended November 2017 with 800,000 units of merchandise that cost an average
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Suppose a Johnson store in Ottawa, Ontario, ended November 2017 with 800,000 units of merchandise that cost an average of $8 each. Suppose the store then sold 600,000 units for $5.0 million during December. Further, assume the store made two large purchases during December as follows: 1. At December 31, the store manager needs to know the store's gross profit under both FIFO and weighted-average cost. Supply this information. Johnson uses the periodic inventory system. 2. What caused the FIFO and weighted-average cost gross profit figures to differ?
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