instructions,

count: periodic method -> FIFO

&

calculate each: ending inventory, COGS, gross profit

Intruction

Count ONLY FIFO AND AVERAGE PERIODIC METHOD.

and COUNT EACH ending inventory, COGS, gross profit

*P6-8A Tempo Lid. is a retailer operating in Dartmouth, Nova Scotia. Tempo uses the per- petual 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 trans- actions; all amounts are settled in cash. You are provided with the following information for Tempo Lid. for the month of January 2017 Date December 31 January 2 January 6 January 9 January 9 January 10 January 10 January 23 January 30 Description Ending inventory Purchase Sale Sale return Purchase Pure hase return Sale Purchase Sale Quantity 150 100 150 10 75 15 50 100 160 Unit Cost or Selling Price 19 21 40 40 24 74 45 26 50