Question
6-8A Dempsey Inc. is a retailer operating in British Columbia. Dempsey uses the perpetual inventory method. All sales returns from customers result in the goods
6-8A
Dempsey Inc. is a retailer operating in British Columbia. Dempsey uses the perpetual inventory method. All sales returns from customers result in the goods being returned to inventory; 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 Dempsey Inc. for the month of January 2017.
| Date | Description | Quantity | Unit Cost or Selling Price | |
| January | 1 | Beginning inventory | 100 | $13 |
| January | 5 | Purchase | 139 | 16 |
| January | 8 | Sale | 111 | 27 |
| January | 10 | Sale return | 10 | 27 |
| January | 15 | Purchase | 55 | 18 |
| January | 16 | Purchase return | 5 | 18 |
| January | 20 | Sale | 88 | 31 |
| January | 25 | Purchase | 18 | 20 |
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Fundamental Managerial Accounting Concepts
Authors: Thomas Edmonds, Christopher Edmonds, Bor Yi Tsay, Philip Old
7th edition
978-0077632427, 77632427, 78025656, 978-0078025655
