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Indigo Inc. is a retailer operating in Centralia. Indigo uses the perpetual inventory method. All sales returns from customers result in the goods being returned
Indigo Inc. is a retailer operating in Centralia. Indigo 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 Indigo Inc. for the month of January 2017. Date Quantity 224 Unit Cost or Selling Price $11 Dec. 31 Jan. 2 Jan. 6 192 12 Description Ending inventory Purchase Sale Purchase Sale Purchase 240 27 Jan. 9 15 Jan. 10 33 136 112 160 176 Jan. 23 18 Jan. 30 Sale 40 (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 FIFO Moving-average Cost of goods $ $ $ sold $ $ $ Ending inventory Gross profit $ $ $
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