P6.8, Can this question be done in excel? Thank you. *P6.8A (LO 5) Dempsey Inc. is a retailer operating in British Columbia. Dempsey uses the perpetualinventory method. All sales returns from customers result in the goods being returned to inventory; theinventory is not damaged. Assume that there are no credit transactions; all amounts are settled in cash.You are provided with the following information for Dempsey Inc. for the month of January 2020.DateJanuary 1January 5January 8January 10January 15January 16January 20January 25DescriptionBeginning inventoryPurchaseSaleSale returnPurchasePurchase returnSalePurchaseQuantity100140110105559020Unit Cost orSelling Price3. Moving-average cost. (Round cost per unit to three decimal places.)b. Compare results for the three cost flow assumptions.$1518282820203222Instructionsa. For each of the following cost flow assumptions, calculate (i) cost of goods sold, (ii) endinginventory, and (iii) gross profit.1. LIFO.2. FIFO.Calculate cost of goods sold andending inventory under LIFO, FIFO,and moving-average cost under theperpetual system; compare grossprofit under each assumption.a. (iii) Gross profit:LIFOFIFOAverage$2,160$2,560$2,421

Gross profit refers to the sum value of money gained by an entity through its business operations.…

damaged. Assume that there are no credit transactions; all amounts are settled in c I with the following information for Dempsey Inc. for the month of January 2020. te y 1 y 5 y 8 y 10 15 Description Beginning inventory Purchase Sale Sale return Purchase Quantity 100 140 110 10 55 Unit Cost or Selling Price $15 18 28 28 20

damaged. Assume that there are no credit transactions; all amounts are settled in c I with the following information for Dempsey Inc. for the month of January 2020. te y 1 y 5 y 8 y 10 15 Description Beginning inventory Purchase Sale Sale return Purchase Quantity 100 140 110 10 55 Unit Cost or Selling Price $15 18 28 28 20

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter12: Special Journals

Section: Chapter Questions

Problem 1CE

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