Pember Inc. is a retailer operating in Edmonton, Alberta. Pember uses the perpet

Question

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 240 $30 Jan. 2 Purchase 150 33 Jan. 6 Sale 270 60 Jan. 9 Purchase 113 36 Jan. 10 Sale 75 68 Jan. 23 Purchase 150 38 Jan. 30 Sale 195 72 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 240 $30 Jan. 2 Purchase 150 33 Jan. 6 Sale 270 60 Jan. 9 Purchase 113 36 Jan. 10 Sale 75 68 Jan. 23 Purchase 150 38 Jan. 30 Sale 195 72 Date Description Quantity Unit Cost or Selling Price Jan. 1 Jan. 2 Jan. 6 Jan. 9 Jan. 10 Jan. 23 Jan. 30 SHOW LIST OF ACCOUNTS SHOW LIST OF ACCOUNTS SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT LINK TO TEXT LIFO FIFO Moving-average 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 240 $30 Jan. 2 Purchase 150 33 Jan. 6 Sale 270 60 Jan. 9 Purchase 113 36 Jan. 10 Sale 75 68 Jan. 23 Purchase 150 38 Jan. 30 Sale 195 72

Explanation / Answer

op. Stock Rate Purchases Rate Total Units rates Sales Rate Total sales 1-Jan 240 30 0 240 30 0 0 0 2-Jan 240 30 150 33 240 30 0 0 0 150 33 6-Jan 240 30 0 0 240 30 240 30 7200 150 33 150 33 30 33 990 9-Jan 120 33 113 36 120 33 0 0 0 113 36 10-Jan 120 33 0 0 120 33 75 33 2475 113 36 113 36 23-Jan 45 33 150 38 45 33 0 0 0 113 36 113 36 150 38 30-Jan 45 33 0 0 45 33 45 33 1485 113 36 113 36 113 36 4068 150 38 150 38 37 38 1406 Closing Stock 113 units 4294

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