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(a2) For each of the following cost flow assumptions, calculate cost of goods sold, ending inventory, and gross profit. (1) LIFO. (2) FIFO. (3) Moving-average
(a2) For each of the following cost flow assumptions, calculate cost of goods sold, ending inventory, and gross profit. (1) LIFO. (2) FIFO. (3) Moving-average cost. (Round average-cost per unit to 3 decimal places, e.g. 12.502 and final answer to 0 decimal places, e.g. 1,250.) LIFO FIFO Moving-average Cost of goods $ sold Ending $ inventory Gross tA profitSheffield Inc. is a retailer operating in British Columbia. Sheffield uses the perpetual inventory system. 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 Sheffield Inc. for the month of January 2022. Unit Cost or Selling Date Description Quantity Price January 1 Beginning inventory 100 $ 22 January 5 Purchase 142 25 January 8 Sale 110 34 January 10 Sale return 10 34 January 15 Purchase 55 27 January 16 Purchase return 5 27 January 20 Sale 92 39 January 25 Purchase 27 29
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