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Weygandt, Accounting Principles, 13e
PRIN ACCTG (ACCT 131/132)
tice
Assignment
Gradebook
ORION
Downloadable eTextbook
ment
CALCULATOR MESSAGE MY INSTRUCTOR
FULL SCREEN
PRINTER VERSION
1BACK
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Problem 6A-4A a
Teal Inc. is a retailer operating in Centralia. Teal 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 Teal Inc. for the month of January 2017.
Unit Cost or
Date
Description
Quantity
Selling Price
Dec. 31
Ending inventory
196
$17
Jan. 2
Purchase
168
18
Jan. 6
Sale
210
32
Jan. 9
Purchase
119
20
Jan. 10
Sale
98
37
Jan. 23
Purchase
140
24
Jan. 30
Sale
154
43
(a) For each of the following cost flow assumptions, calculate (i) cost of goods sold, (ii) ending inventory, and (iii) gross profit. (1) FIFO. (2) FIFO. (3) Moving-average.
( Round average cost per unit to 3 decimal places, e.g. 1.286 and final answers to 0 decimal places, e.g. 5,125.)
LIFO
FIFO
Moving-average
Cost of goods sold
$
$
Ending inventory
$
Gross profit
$
MacBook

Top Answer

LIFO FIFO MAvg COGS 9338 8316 8717.86... View the full answer

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