Question
Concord Inc. is a retailer operating in British Columbia. Concord uses the perpetual inventory method. All sales returns from customers result in the goods being
Concord Inc. is a retailer operating in British Columbia. Concord 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 Concord Inc. for the month of January 2020. Date Description Quantity Unit Cost or Selling Price January 1 Beginning inventory 100 $14 January 5 Purchase 141 17 January 8 Sale 112 28 January 10 Sale return 10 28 January 15 Purchase 55 19 January 16 Purchase return 5 19 January 20 Sale 89 33 January 25 Purchase 19 21 Calculate the Moving-average cost per unit at January 1, 5, 8, 10, 15, 16, 20, & 25. (Round answers to 3 decimal places, e.g. 5.251.) or 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 $ Entry field with incorrect answer $ Entry field with incorrect answer $ Entry field with incorrect answer Ending inventory $ Entry field with incorrect answer $ Entry field with incorrect answer $ Entry field with incorrect answer Gross profit $ Entry field with incorrect answer $ Entry field with incorrect answer $ Entry field with incorrect answer
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