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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
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.)
If you could provide a short explaination of how you got the numbers instead of just a grid that would be very helpful! The first picture is the question I need answered and the second one is just the avg. cost per unit if you need it. Thanks! (I think I have the first one right but I'm not sure)
Problem 6-8A (Part Level Submission) Tamarisk, Inc. is a retailer operating in Calgary, Alberta. Tamarisk, Inc. uses the perpetual inventory method. Assume that there are no credit transactions; all amounts are settled in cash. You are provided with the following information for Tamarisk, Inc. for the month of January 2017. Description Quantity Unit Cost or Selling Price Date 174 $20 Dec. 31 Ending inventory Jan. 2 Purchase 98 Jan. 6 Sale 197 40 Jan. 9 Purchase 68 24 Jan. 10 Sale 45 108 Jan. 23 Purchase 25 Jan. 30 Sale 135 48 (a1) (a2) For each of the following cost flow assumptions, calculate (i) cost of goods sold, (ii) ending inventory, and (iii) gross profit. (Round answers to o decimal places, e.g. 125.) (1) LIFO (2) FIFO. (3) Moving average. Moving-average LIFO FIFO Cost of goods sold 8,684 Ending inventory Gross profit
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