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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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