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(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. 31Ending inventory192$24
Jan. 2Purchase12026
Jan. 6Sale21648
Jan. 9Purchase9029
Jan. 10Sale6054
Jan. 23Purchase12030
Jan. 30Sale15658

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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$$$

 

 

 

 


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