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Calculate the Moving-average cost per unit at January 1, 5, 8, 10, 15, 16, 20, & 25. And what is FIFO) cost of goods, ending
Calculate the Moving-average cost per unit at January 1, 5, 8, 10, 15, 16, 20, & 25.
And what is FIFO) cost of goods, ending inventory, and gross profit. LIFO) cost of goods, ending inventory, and gross profit. Moving-Average) cost of goods, ending inventory, and gross profit.
I don't use excel so if someone could answer it without it and show the work I'd appreciate it. I am wanting to learn the process not just answers. Thanks!
Concord Inc. is a retailer operating in British Columbia. Concord 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 Concord Inc. for the month of January 2020. Unit Cost or Selling Price Date Quantity 100 1 $14 142 17 Description Beginning inventory Purchase Sale Sale return Purchase 111 29 10 January January 5 January 8 January 10 January 15 January 16 January 20 January 25 29 55 19 Purchase return 5 19 91 33 Sale Purchase 19 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. 5.251.) Moving-Average Cost per unit January 1 14 January 5 15.76 January 8 15.76 January 10 15.76 January 15 16.67 X January 16 16.67 X January 20 16.67 x January 25 17.36Step by Step Solution
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