The management of Gresa Inc. is reevaluating the appropriateness of using its present inventory cost flow method, which is average-cost. The company requests your help in determining the results of operations for 2019 if either th FIFO or the LIFO method had been used. For 2019, the accounting records show these data.
Dempsey Inc is a retailer operating in British Columbia. Dempsey 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 Dempsey Inc. for the month of January 2019.
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