The company Tres Palos Ltda., As of June 1, 2021, presents an initial inventory of merchandise of 100 units at $ 5,000 each.
During the month the following purchase and sales operations are carried out:
June 02 Purchase of 80 units at $ 5,760 net value, on simple credit.
June 05 Sale of 50 units at $ 9,000 each plus VAT. The client accepts letter to 90 days.
June 10 Sale of 60 units at $ 10,920 includes VAT, the customer pays in cash.
June 15 Purchase of 100 units at $ 5,500 each net value, for the operation we accept 30-day bills
June 20 Sale of 40 units at $ 10,860 each, VAT included, on simple credit.
June 25 The customer who bought merchandise from us on June 20, returns 10 units.
June 30 Purchase of a van for merchandise delivery for $ 5,960,000 includes VAT.
The company registers the merchandise, through the Inventory Permanence method.
Stock card to control the movement of goods, LIFO, FIFO and PMP methods.
Determine the company’s Income Statement for each method
VAT = 19%
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