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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
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.
date | description | quantity | unit cost or selling price |
Dec 31 | ending inventory | 174 | 20 |
Jan 2 | purchase | 98 | 22 |
Jan 6 | sale | 197 | 40 |
Jan 9 | purchase | 68 | 24 |
Jan 10 | sale | 50 | 45 |
Jan 23 | purchase | 108 | 25 |
Jan 30 | sale | 135 | 48 |
for each of the cost flow assumptions (FIFO, LIFO, and Moving average) calculate cost of goods sold, ending inventory, and gross profit
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