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6A-4A a Ivanhoe Inc. is a retailer operating in Centralia. Ivanhoe uses the perpetual inventory method. All sales returns from customers result in the goods
6A-4A a Ivanhoe Inc. is a retailer operating in Centralia. Ivanhoe 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 Ivanhoe Inc. for the month of January 2017. Unit Cost or Date Description Quantity Selling Price Dec. 31 Ending inventory 224 $15 Jan. 2 Purchase 192 16 Jan. 6 Sale 240 31 Jan. 9. Purchase 136 18 Jan. 10 Sale 112 36 Jan. 23 Purchase 160 Jan. 30 Sale 176 21 41 (a) For each of the following cost flow assumptions, calculate (i) cost of goods sold, (ii) ending inventory, and (iii) gross profit. (1) FIFO. (2) FIFO. (3) Moving-average. (Round average cost per unit to 3 decimal places, e.g. 1.286 and final answers to 0 decimal places, e.g. 5,125.) LIFO Cost of goods sold $ $ Ending inventory $ $ Gross profit $ FIFO Moving-average
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