This paper circulates around the core theme of Accounting Question together with its essential aspects. It has been reviewed and purchased by the majority of students thus, this paper is rated 4.8 out of 5 points by the students. In addition to this, the price of this paper commences from £ 45. To get this paper written from the scratch, order this assignment now. 100% confidential, 100% plagiarism-free.
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 (Round moving-average unit cost to 3 decimal places,
e.g. 2.250. Round all other answers to 0 decima LIFO FIFO
Moving-average Cost of goods sold Ending inventory Gross profit