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 2017.
| Date |
Description |
Quantity |
Unit Cost or Selling Price |
| January |
1 |
Beginning inventory
|
100 |
$13 |
| January |
5 |
Purchase |
139 |
16 |
| January |
8 |
Sale |
111 |
27 |
| January |
10 |
Sale return |
10 |
27 |
| January |
15 |
Purchase |
55 |
18 |
| January |
16 |
Purchase return |
5 |
18 |
| January |
20 |
Sale |
88 |
31 |
| January |
25 |
Purchase |
18 |
20 |