Question
Bonita Inc. is a retailer operating in British Columbia. Bonita uses the perpetual inventory method. All sales returns from customers result in the goods being
Bonita Inc. is a retailer operating in British Columbia. Bonita 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 Bonita Inc. for the month of January 2020.
Date | Description | Quantity | Unit Cost or Selling Price | ||||||
January | 1 | Beginning inventory | 100 | $16 | |||||
January | 5 | Purchase | 144 | 19 | |||||
January | 8 | Sale | 111 | 30 | |||||
January | 10 | Sale return | 10 | 30 | |||||
January | 15 | Purchase | 55 | 21 | |||||
January | 16 | Purchase return | 5 | 21 | |||||
January | 20 | Sale | 93 | 36 | |||||
January | 25 | Purchase | 21 | 23 |
(a1)
- Your Answer
- Correct Answer (Used)
Correct answer iconYour answer is correct.
Calculate the Moving-average cost per unit at January 1, 5, 8, 10, 15, 16, 20, & 25. (Round answers to 3 decimal places, e.g. 5.251.)
Moving-Average Cost per unit | ||
January 1 | $ | |
January 5 | $ | |
January 8 | $ | |
January 10 | $ | |
January 15 | $ | |
January 16 | $ | |
January 20 | $ | |
January 25 | $ |
eTextbook and Media
Solution
Attempts: unlimited
(a2)
For each of the following cost flow assumptions, calculate cost of goods sold, ending inventory, and gross profit. (1) LIFO. (2) FIFO. (3) Moving-average cost. (Round average-cost per unit to 3 decimal places, e.g. 12.502 and final answer to 0 decimal places, e.g. 1,250.)
LIFO | FIFO | Moving-average | ||||
Cost of goods sold | $ | $ | $ | |||
Ending inventory | $ | $ | $ | |||
Gross profit | $ | $ | $ |
eTextbook and Media
Attempts: unlimited
I just need the last part a(2)
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