Problem 6-8A rt Level submission) Pember Inc. is a retailer operating in Edmonto
ID: 2652259 • Letter: P
Question
Problem 6-8A rt Level submission) 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 Quantity Unit Cost or Selling Price Description 208 $26 Dec. 31 Ending inventory Jan. 2 Purchase 130 29 Jan. 6 Sale 234 52 Jan. 9 Purchase 98 31 Jan. 10 Sale 65 59 Jan. 23 Purchase 130 33 Jan. 30 Sale 169 62 (a1) Your answer is partially correct. Try again. Calculate average cost for each unit. (Round answers to 3 decimal places, e.g. 5.125.) Jan. 1 26.000 Jan. 2 27.154 Jan. 6 27.154 Jan. 9 Jan. 10 Jan. 23 Jan. 30Explanation / Answer
Ans
Date Description Quantity Unit Cost/SP Cum. Unit Purchase/Sale Cum Stock Avg Price Dec-31 Ending Inventory 208.00 26.00 208.00 5,408.00 26.000 Jan-02 Purchase 130.00 29.00 338.00 3,770.00 9,178.00 27.154 Jan-06 Sale -234.00 52.00 104.00 -6,354.00 2,824.00 27.154 Jan-09 Purchase 98.00 31.00 202.00 3,038.00 5,862.00 29.020 Jan-10 Sale -65.00 59.00 137.00 -1,886.29 3,975.71 29.020 Jan-23 Purchase 130.00 33.00 267.00 4,290.00 8,265.71 30.958 Jan-30 Sale -169.00 62.00 98.00 -5,231.86 3,033.86 30.958