Question
In: Accounting
Windsor, Inc. is a retailer operating in Calgary, Alberta. Windsor uses the perpetual inventory method. Assume...
Windsor, Inc. is a retailer operating in Calgary, Alberta.
Windsor uses the perpetual inventory method. Assume that there are
no credit transactions; all amounts are settled in cash. You are
provided with the following information for Windsor for the month
of January 2022.
|
Date |
Description |
Quantity |
Unit Cost or Selling Price |
|||
|---|---|---|---|---|---|---|
|
Dec. 31 |
Ending inventory |
165 | $20 | |||
|
Jan. 2 |
Purchase |
99 | 21 | |||
|
Jan. 6 |
Sale |
200 | 40 | |||
|
Jan. 9 |
Purchase |
81 | 24 | |||
|
Jan. 10 |
Sale |
65 | 44 | |||
|
Jan. 23 |
Purchase |
100 | 26 | |||
|
Jan. 30 |
Sale |
130 | 47 |
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. |
Solutions
Expert Solution
| 1 | Date | Opening Inventory | Opening Inventory | Opening Inventory | Sale | Sale | Sale | Closing Inventoy | Closing Inventoy | Closing Inventoy | LIFO METHOD |
| Unit | Rate | Value | Unit | Rate | Value | Unit | Rate | Value | |||
| 31-Dec | 165 | 20 | 3300 | - | - | - | 165 | 20 | 3300 | ||
| 2-Jan | 99 | 21 | 2079 | - | - | - | (165+99) | (20 +21) | 5379 | ||
| 6-Jan | - | - | - | (101+99) | 40 | 8000 | (64+0) | (20+21) | 1280 | ||
| 9-Jan | 81 | 24 | 1944 | - | - | - | (64+0+81) | (20+21+24) | 3224 | ||
| 10-Jan | - | - | - | (0+0+65) | 44 | 2860 | (64+0+16) | (20+21+24) | 1664 | ||
| 23-Jan | 100 | 26 | 2600 | - | - | - | (64+0+16+100) | (20+21+24+26) | 4264 | ||
| 30-Jan | - | - | - | (14+0+16+100) | 47 | 6110 | (50+0+0+0) | (20+21+24+26) | 1000 | ||
| 9923 | 16970 | 1000 | |||||||||
| 2 | Date | Opening Inventory | Opening Inventory | Opening Inventory | Sale | Sale | Sale | Closing Inventoy | Closing Inventoy | Closing Inventoy | FIFO METHOD |
| Unit | Rate | Value | Unit | Rate | Value | Unit | Rate | Value | |||
| 31-Dec | 165 | 20 | 3300 | - | - | - | 165 | 20 | 3300 | ||
| 2-Jan | 99 | 21 | 2079 | - | - | - | (165+99) | (20 +21) | 5379 | ||
| 6-Jan | - | - | - | (165+35) | 40 | 8000 | (0+64) | (20+21) | 1344 | ||
| 9-Jan | 81 | 24 | 1944 | - | - | - | (0+64+81) | (20+21+24) | 3288 | ||
| 10-Jan | - | - | - | (0+64+1) | 44 | 2860 | (0+0+80) | (20+21+24) | 1920 | ||
| 23-Jan | 100 | 26 | 2600 | - | - | - | (0+0+80+100) | (20+21+24+26) | 4520 | ||
| 30-Jan | - | - | - | (0+0+80+50) | 47 | 6110 | (0+0+0+50) | (20+21+24+26) | 1300 | ||
| 9923 | 16970 | 1300 | |||||||||
| 3 | Date | Opening Inventory | Opening Inventory | Opening Inventory | Sale | Sale | Sale | Closing Inventoy | Closing Inventoy | Closing Inventoy | Moving Average |
| Unit | Rate | Value | Unit | Rate | Value | Unit | Rate | Value | |||
| 31-Dec | 165 | 20 | 3300 | - | - | - | 165 | 20 | 3300 | ||
| 2-Jan | 99 | 21 | 2079 | - | - | - | (165+99) | 20 | 5280 | ||
| 6-Jan | - | - | - |
 ekkarill92 answered 2 years agoRelated SolutionsWindsor, Inc. is a retailer operating in Calgary, Alberta. Windsor uses the perpetual inventory method. Assume...Windsor, Inc. is a retailer operating in Calgary, Alberta.
Windsor uses the perpetual inventory method. Assume that there are
no credit transactions; all amounts are settled in cash. You are
provided with the following information for Windsor for the month
of January 2022.
Date
Description
Quantity
Unit Cost or Selling Price
Dec. 31
Ending inventory
165
$20
Jan. 2
Purchase
99
21
Jan. 6
Sale
200
40
Jan. 9
Purchase
81
24
Jan. 10
Sale
65
44
Jan. 23
Purchase...
Windsor, Inc. is a retailer operating in Calgary, Alberta. Windsor, Inc. uses the perpetual inventory method....Windsor, Inc. is a retailer operating in Calgary, Alberta.
Windsor, Inc. uses the perpetual inventory method. Assume that
there are no credit transactions; all amounts are settled in cash.
You are provided with the following information for Windsor, Inc.
for the month of January 2017.
Date
Description
Quantity
Unit Cost or Selling Price
Dec. 31
Ending inventory
155
$20
Jan. 2
Purchase
95
22
Jan. 6
Sale
163
38
Jan. 9
Purchase
71
24
Jan. 10
Sale
51
43
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provided with the following information for Bieber Inc. for the
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Description
Quantity
Unit Cost or Selling Price
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$20
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Purchase
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Sale
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Purchase
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Sale
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You are provided with the following information for Tamarisk, Inc.
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quantity
unit cost or selling price
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Description
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Unit Cost or Selling Price
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there are no credit transactions; all amounts are settled in cash.
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Unit Cost or Selling Price
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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
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Bramble Inc. is a retailer operating in British Columbia. Bramble uses the perpetual inventory method. All...Bramble Inc. is a retailer operating in British Columbia.
Bramble 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 Bramble Inc. for the month of
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Date
Description
Quantity
Unit Cost or Selling Price
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Bramble Inc. is a retailer operating in British Columbia. Bramble uses the perpetual inventory method. All...Bramble Inc. is a retailer operating in British Columbia.
Bramble 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
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January 2020.
Date
Description
Quantity
Unit Cost or Selling Price
January
1
Beginning inventory
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