For each of the following cost flow assumptions calculate, Ask an Expert

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Yemi Ltd. is a retailer operating in Edmonton, Alberta. Yemi 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 Yemi Ltd. for the month of January 2012.

Date, Description, Quantity, Unit Cost or Selling Price
December 31 Ending inventory 150 $17
January 2 Purchase 100 21
January 6 Sale 150 40
January 9 Sale return 10 40
January 9 Purchase 75 24
January 10 Purchase return 15 24
January 10 Sale 50 45
January 23 Purchase 100 28
January 30 Sale 110 50

For each of the following cost flow assumptions, find out cost of goods sold, ending inventory, and gross profit. (1) LIFO. (2) FIFO. (3) Moving-average cost

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M945476

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