The following information for XYZ Co uses the perpetual inventory method. All sales returns from customers result

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The following information for XYZ Co 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 XYZ. for the month of January 2017

Unit Cost or Selling Price Description Date Quantity Beginning January 1 200 $12 inventory Purchase January 5 January 8

Calculate the Moving-average cost per unit at January 1, 5, 8, 15, 20, & 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 answers to 0 decimal places, e.g. $2,150.)

Ending Inventory
The ending inventory is the amount of inventory that a business is required to present on its balance sheet. It can be calculated using the ending inventory formula                Ending Inventory Formula =...
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Financial Accounting Tools for business decision making

ISBN: 978-0470534779

6th Edition

Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso

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