Yemi ltd is a retailer operating in edmonton alberta yemi

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Reference no: EM13351853

Yemi Ltd. is a retailer operating in Edmonton, Alberta. Yemi uses the perpetual inventory technique. All sales returns from customers result in the goods being returned to inventory; the inventory is not damaged. Suppose that there are no credit transactions; all amounts are settled in cash. You are provided with the subsequent information for Yemi Ltd. for the month of January 2012.

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

Reference no: EM13351853

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