Please comfort me my accounting cross-question... Thanks.?
Vasquez Ltd. is a retailer operating in Edmonton, Alberta.Vasquez uses the perpetual inventory method. All sale returns from customers result in the stock being returned to inventory; the inventory is not/ diluted. Assume that there are no credit transactions; adjectives amounts are settled in change.You are provided with the following information for Vasquez Ltd. for the month of January 2008.
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 respectively of the following cost flow assumptions, calculate (i) cost of merchandise sold, (ii) ending inventory, and (iii) gross profit. (1) LIFO. (2) FIFO. (3) Moving-average-cost (Round moving-average component cost to 2 decimal places. Use rounded amounts for subsequent
Answers: What is your question? I would be contented to check your answer and tell you where on earth you may be wrong or if you are correct. But i would not want to deprive you of a valuable research experience by doing your homework, because I would be cheating you out of obtaining the knowhow that you seek by studying accounting.
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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 respectively of the following cost flow assumptions, calculate (i) cost of merchandise sold, (ii) ending inventory, and (iii) gross profit. (1) LIFO. (2) FIFO. (3) Moving-average-cost (Round moving-average component cost to 2 decimal places. Use rounded amounts for subsequent
Answers: What is your question? I would be contented to check your answer and tell you where on earth you may be wrong or if you are correct. But i would not want to deprive you of a valuable research experience by doing your homework, because I would be cheating you out of obtaining the knowhow that you seek by studying accounting.