Solution-Calculate cost of goods sold and ending inventory

Calculate cost of goods sold and ending inventory

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Reference no: EM132858383

Problem - Tamarisk Inc. is a retailer operating in British Columbia. Tamarisk 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 Tamarisk Inc. for the month of January 2020.

Date	Description	Quantity	Unit Cost or Selling Price
January 1	Beginning inventory	110	$18
January 5	Purchase	154	21
January 8	Sale	121	31
January 10	Sale return	11	31
January 15	Purchase	61	23
January 26	Purchase return	6	23
January 20	Sale	99	35
January 25	Purchase	22	25

Required -

1. Calculate the Moving average cost per unit at January 1, 5, 8, 10, 15, 16, 20, & 25.

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

Reference no: EM132858383

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Calculate cost of goods sold and ending inventory

Reference no: EM132858383

Reference no: EM132858383

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