Case Defence sells smartphone cases and uses the perpetual inventory system. The following is information on the purchases and sales of Defender Box cases. On October 1, Case Defence had 28 units with a unit cost of $22.

Date	Purchases		Sales
	Units	Unit cost	Units	Unit Price
Oct 3	18	23 CAD
Oct 6			23	58 CAD
Oct 12	28	25 CAD
Oct 19			28	58 CAD
Oct 23	38	27 CAD
Oct 30			33	58 CAD
Oct 31	23	28 CAD

Calculate the dollar value of cost of goods sold and ending inventory for the month of October using the following methods.

FIFO

Moving weighted average. Round all unit costs to two decimal places and round all other numbers to the nearest dollar

Using the calculations in Part 1, complete the following table (draw the table on your answering sheet)

	FIFO	Moving Weighted Average
Sales
Cost of goods Sold
Gross Profit

Does using FIFO or moving weighted average produce.

A higher gross profit?

A higher ending inventory balance?

Calculate the gross profit percentage for FIFO and moving weighted average for the month of October. Round to the nearest percentage