P6.8, Can this question be done in excel? Thank you. **Educational Text on Cost Flow Assumptions**### P6.8A (LO 5) - Dempsey Inc. Inventory Analysis**Introduction:**Dempsey Inc., a retailer in British Columbia, employs the perpetual inventory method, where all customer sales return goods to inventory. The inventory remains undamaged, and transactions are cash-based. Below is the inventory information for Dempsey Inc. for January 2020.**Inventory Transactions Table:**| Date | Description | Quantity | Unit Cost or Selling Price ||-------------|---------------------|----------|----------------------------|| January 1 | Beginning inventory | 100 | $15 || January 5 | Purchase | 140 | $18 || January 8 | Sale | 110 | $28 || January 10 | Sale return | 10 | $28 || January 15 | Purchase | 55 | $20 || January 20 | Purchase return | 5 | $20 || January 20 | Sale | 90 | $32 || January 25 | Purchase | 20 | $22 |**Instructions:**a. For each cost flow assumption, compute the following: - (i) Cost of Goods Sold (COGS) - (ii) Ending Inventory - (iii) Gross Profit - **LIFO** (Last-In, First-Out) - **FIFO** (First-In, First-Out) - **Moving-Average Cost** (Round cost per unit to three decimal places.) Results for Gross Profit: - LIFO: $2,160 - FIFO: $2,560 - Average: $2,421b. Compare results for the above cost flow assumptions to understand their financial impact.**Graph/Diagram Explanation:**There are no specific graphs or diagrams in this section, only a tabular representation of the inventory data and results summary for different inventory valuation methods. This exercise helps illustrate how different inventory costing methods affect financial outcomes such as COGS and gross profit.

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

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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