Maurice Tutor

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    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 18 Aug 2017 My Price 11.00

Pember In

Problem 6-8A

Pember Inc. is a retailer operating in Edmonton, Alberta. Pember uses the perpetual inventory method. All sales returns from customers result in the goods being returned to inventory. (Assume that 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 Pember Inc. for the month of January 2014.

Date

  

Description

  

Quantity

  

Unit Cost or Selling Price
Dec. 31   Ending inventory   192   $24
Jan. 2   Purchase   120   26
Jan. 6   Sale   216   48
Jan. 9   Purchase   90   29
Jan. 10   Sale   60   54
Jan. 23   Purchase   120   30
Jan. 30   Sale   156   58
 
Calculate average cost for each unit. (Round answers to 3 decimal places, e.g. 5.125.)

Jan. 1

  

$

Jan. 2

  

$

Jan. 6

  

$

Jan. 9

  

$

Jan. 10

  

$

Jan. 23

  

$

Jan. 30

  

$
 

SHOW LIST OF ACCOUNTS
For each of the following cost flow assumptions, calculate (i) cost of goods sold, (ii) ending inventory, and (iii) gross profit. (Round answers to 0 decimal places, e.g. 125.)
(1)   LIFO.
(2)   FIFO.
(3)   Moving-average.
   

LIFO

  

FIFO

  

Moving-average
Cost of goods sold   $   $   $
Ending inventory   $   $   $
Gross profit   $   $   $

 

Answers

Maurice Tutor
(5)
Status NEW Posted 18 Aug 2017 05:08 PM My Price 11.00

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