Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

I thought the moving averages were 3405, 722, and 16448 but it wasn't so I'm not sure. Nash's Trading Post, LLC is a retailer operating

image text in transcribedimage text in transcribedI thought the moving averages were 3405, 722, and 16448 but it wasn't so I'm not sure.

Nash's Trading Post, LLC is a retailer operating in Calgary, Alberta. Nash uses the perpetual inv Date Description Quantity Unit Cost or Selling Price Dec. 31 Ending inventory 159 Jan. 2 Purchase Jan. 6 Sale Jan. 9 Purchase Jan. 10 Sale Jan. 23 Purchase Jan. 30 Sale Your answer is correct. Calculate average cost for each unit. (Round answers to 3 decimal places, e.g. 5.125 Jan. 1 18 $ $ Jan. 2 19.954 19.954 0 0 21.800 Jan. 6 Jan. 9 $ Jan. 10 $ Jan.23 $ Jan. 30 $ 21.800 0 23.320 0 23.320 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.) (1) LIFO. (2) FIFO. (3) Moving-average. LIFO FIFO Moving-average Cost of goods sold ta 7,985 to 7,460 ta Ending inventory to 1,875 | ta $ $ 1,350 8,463 Gross profit to $ 8,988

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Accounting questions