Problem 6-8A Pember Inc. is a retailer operating in Edmonton, Alberta. Pember uses the perpetual inv 1 answer below »

Problem 6-8A Pember Inc. is a retailer operating in Edmonton, Alberta. Pember uses the perpetual inventory method. All sales returns from customers result in the goods being returned to inventory. (Assume that 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 Pember Inc. for the month of January 2014.

Date

Description

Quantity

Unit Cost or Selling Price Dec. 31 Ending inventory 192 $24 Jan. 2 Purchase 120 26 Jan. 6 Sale 216 48 Jan. 9 Purchase 90 29 Jan. 10 Sale 60 54 Jan. 23 Purchase 120 30 Jan. 30 Sale 156 58 Calculate average cost for each unit. (Round answers to 3 decimal places, e.g. 5.125.)

Jan. 1

$

Jan. 2

$

Jan. 6

$

Jan. 9

$

Jan. 10

$

Jan. 23

$

Jan. 30

$

SHOW LIST OF ACCOUNTS For each of the following cost flow assumptions, calculate (i) cost of goods sold, (ii) ending inventory, and (iii) gross profit. (Round answers to 0 decimal places, e.g. 125.)
(1) LIFO. (2) FIFO. (3) Moving-average.

LIFO

FIFO

Moving-average Cost of goods sold $ $ $ Ending inventory $ $ $ Gross profit $ $ $