Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Calculate the average cost Delilah Inc. is a clothing retailer operating in Maine. Delilah uses the perpetual inventory method. All sales returns from customers result
Calculate the average cost
Delilah Inc. is a clothing retailer operating in Maine. Delilah 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 Delilah Inc. for the month of January 2020. Date Description Quantity Unit Cost or Selling Price January 1 90 $14 Beginning inventory January 5 Purchase 126 17 January 8 Sale 99 27 January 10 Sale return 9 27 January 15 Purchase 50 19 January 16 Purchase return 5 19 January 20 Sale 81 31 January 25 Purchase 18 21 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. 5.252.) Moving-Average Cost per unit January 1 $ January 5 $ January 8 $ January 10 $ January 15 $ January 16 III $ January 20 $ January 25 $ 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 answers to I decimal places, e.g. 1,250.) LIFO FIFO Moving-average Cost of goods sold $ $ $ Ending inventory $ $ $ Gross profit $ $Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started