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is this correct? Wildhorse Co. is a retailer operating in Calgary, Alberta. Wildhorse uses the perpetual inventory method. Assume that there are no credit transactions;

is this correct?

Wildhorse Co. is a retailer operating in Calgary, Alberta. Wildhorse uses the perpetual inventory method. Assume that there are no credit transactions; all amounts are settled in cash. You are provided with the following information for Wildhorse for the month of January 2022.

Date

Description

Quantity

Unit Cost or Selling Price

Dec. 31

Ending inventory

150 $20

Jan. 2

Purchase

100 21

Jan. 6

Sale

180 42

Jan. 9

Purchase

70 25

Jan. 10

Sale

60 42

Jan. 23

Purchase

112 26

Jan. 30

Sale

128 49

For each of the following cost flow assumptions, calculate (i) cost of goods sold, (ii) ending inventory, and (iii) gross profit. (Round answers to 0 decimal places, e.g. 125.)

(1) LIFO.
(2) FIFO.
(3) Moving-average.

LIFO

FIFO

Moving-average

Cost of goods sold

$enter a dollar amount $enter a dollar amount $enter a dollar amount

Ending inventory

$enter a dollar amount $enter a dollar amount $enter a dollar amount

Gross profit

$enter a dollar amount $enter a dollar amount $enter a dollar amount

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