Vasquez ltd is a retailer operating in edmonton alberta

Reference no: EM13377952

Vasquez Ltd. is a retailer operating in Edmonton, Alberta. Vasquez 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 Vasquez Ltd. for the month of January 2008. Date Description Quantity Unit Cost or Selling Price December 31 Ending inventory 150 $20 January 2 Purchase 100 25 January 6 Sale 150 42 January 9 Sale return 10 42 January 9 Purchase 75 30 January 10 Purchase return 15 30 January 10 Sale 50 48 January 23 Purchase 100 32 January 30 Sale 110 51 For each of the following cost flow assumptions, calculate

(i) cost of goods sold,

(ii) ending inventory, and

(iii) gross profit.

(1) LIFO.

(2) FIFO.

(3) Moving-average-cost

Reference no: EM13377952

Questions Cloud

James manufacturing and technology jmt manufactures : james manufacturing and technology jmt manufactures private-label small electronic products such as alarm clocks

Question 1traditionally the role of an accountant is to : question 1traditionally the role of an accountant is to capture and record financial information. has this role

1 a individual is borrowing 175000 for a 15 year loan : 1. a individual is borrowing 175000 for a 15 year loan at 4.17 per year compounded monthly. calculate his monthly

A family decides to save for the college education of their : a family decides to save for the college education of their kindegradener starting with her 6th birthday. they would

Vasquez ltd is a retailer operating in edmonton alberta : vasquez ltd. is a retailer operating in edmonton alberta. vasquez uses the perpetual inventory method. all sales

The table shows the demand schedule for two consumers of : the table shows the demand schedule for two consumers of lemonade eli and molly. assume that these are the only two

Evaluate the effectiveness of regulations such as : evaluate the effectiveness of regulations such as sarbanes-oxley act over minimizing the corporate fraud and protecting

A young investment manager tells his client that the : a young investment manager tells his client that the probability of making a positive return with his suggested

My-best weight co offers personal weight reduction : my-best weight co. offers personal weight reduction consulting services to individuals. after all the accounts have

User Account

All Pages