Chat with us, powered by LiveChat Dempsey Inc. is a retailer operating in British Co - Writemia

Dempsey Inc. is a retailer operating in British Co

Dempsey Inc. is a retailer operating in British Columbia. Dempsey uses the perpetual inventorymethod. All sales returns from customers result in the goods being returned to inventory; the inventoryis not damaged. Assume that there are no credit transactions; all amounts are settled in cash. You areprovided with the following information for Dempsey Inc. for the month of January 2017.DateJanuary1DescriptionBeginninginventoryJanuary5January8QuantityUnit Cost or SellingPrice100$12Purchase13715Sale11223January 10Sale return1023January 15Purchase5517January 16Purchase return517January 20Sale8527January 25 Purchase1719Calculate the Moving-average cost per unit at January 1, 5, 8, 10, 15, 16, 20, & 25. (Round answersto 3 decimal places, e.g. 5.251.)MovingAverage Costper unit$January 1$January 5$13.734$January 8$January 10$January 15$January 16January 20$$January 25For each of the following cost flow assumptions, calculate cost of goods sold, endinginventory, and gross profit. (1) LIFO. (2) FIFO. (3) Moving-average cost. (Roundaverage-cost per unit to 3 decimal places, e.g. 12.502 and final answer to0 decimal places, e.g. 1,250.)LIFOMovingaverageFIFO$$$$$$$Cost of goods sold$Ending inventoryGross profit$

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