Wittmann Co. began operations on July 1. It uses a perpetual inventory system. During July, the company had the following purchases and sales

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Problem 6-8A 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 $15 Purchase 144 18 Sale 112 30 January 10 Sale return 10 30 January 15 Purchase 55 20 January 16 Purchase return 5 20 January 20 Sale 92 35 January 25 Purchase 20 22 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.) Moving-Average Cost per unit January 1 January 5 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 Problem 6-9A Wittmann Co. began operations on July 1. It uses a perpetual inventory system. During July, the company had the following purchases and sales. Purchases Date July 1 July 6 July 11 July 14 Units Unit Cost 85 $122 119 $136 Sales Units 51 85 July 21 July 27 136 $147 85 Calculate the average cost per unit at July 1, 6, 11, 14, 21 & 27. (Round answers to 2 decimal places, e.g. $105.50.) Average cost for each unit $ July 1 July 6 July 1 1 $ July 1 4 $ July 2 1 $ July 2 7 $ $ Determine the ending inventory under a perpetual inventory system using (1) FIFO, (2) moving-average cost, and (3) LIFO. (Round average-cost per unit to 2 decimal places, e.g. 12.52 and final answer to 0 decimal places, e.g. 1,250.) MOVINGAVERAGE FIFO $ The ending inventory under a perpetual inventory system LIFO $ $