## (Solution Download) Problem 6-8A Pember Inc. is a retailer operating in Edmonton, Alberta. Pember uses the perpetual inv

Problem 6-8A

Pember Inc. is a retailer operating in Edmonton, Alberta. Pember

uses the perpetual inventory method. All sales returns from

customers result in the goods being returned to inventory. (Assume

that 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 Pember Inc. for the month of

January 2014.

 Date Description Quantity Unit Cost or Selling Price Dec. 31 Ending inventory 192 \$24 Jan. 2 Purchase 120 26 Jan. 6 Sale 216 48 Jan. 9 Purchase 90 29 Jan. 10 Sale 60 54 Jan. 23 Purchase 120 30 Jan. 30 Sale 156 58

Calculate average cost for each unit. (Round

answers to 3 decimal places, e.g. 5.125.)

 Jan. 1 \$ Jan. 2 \$ Jan. 6 \$ Jan. 9 \$ Jan. 10 \$ Jan. 23 \$ Jan. 30 \$

 SHOW LIST OF ACCOUNTS

For each of the following cost flow assumptions, calculate (i)

cost of goods sold, (ii) ending inventory, and (iii) gross profit.

(Round answers to 0 decimal places, e.g.

125.)

 (1) LIFO. (2) FIFO. (3) Moving-average.

 LIFO FIFO Moving-average Cost of goods sold \$ \$ \$ Ending inventory \$ \$ \$ Gross profit \$ \$ \$

Solution details:
STATUS
QUALITY
Approved

This question was answered on: Dec 08, 2020

Solution~000652147654215.zip (25.37 KB)

This attachment is locked

We have a ready expert answer for this paper which you can use for in-depth understanding, research editing or paraphrasing. You can buy it or order for a fresh, original and plagiarism-free solution (Deadline assured. Flexible pricing. TurnItIn Report provided)

STATUS

QUALITY

Approved

Dec 08, 2020

EXPERT

Tutor