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see attached Dempsey Inc. is a retailer operating in British Columbia. Dempsey uses the perpetual inventory method. All sales returns from customers result in the
see attached
Dempsey Inc. is a retailer operating in British Columbia. Dempsey 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 Dempsey Inc. for the month of January 2017
Dempsey Inc. is a retailer operating in British Columbia. Dempsey 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 Dempsey Inc. for the month of January 2017. Date January 1 Description Beginning inventory January 5 January 8 Quantit y Unit Cost or Selling Price 100 $12 Purchase 137 15 Sale 112 23 January 10 Sale return 10 23 January 15 Purchase 55 17 January 16 Purchase return 5 17 January 20 Sale 85 27 January 25 Purchase 17 19 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.) MovingAverage Cost per unit $ January 1 $ January 5 $13.734 $ January 8 $ January 10 $ January 15 $ January 16 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 answer to 0 decimal places, e.g. 1,250.) LIFO Movingaverage FIFO $ $ $ $ $ $ $ Cost of goods sold $ Ending inventory Gross profit $Step by Step Solution
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