LIFO, FIFO, MOVING-AVERAGE

Bonita Inc. is a retailer operating in British Columbia. Bonita 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 Bonita Inc. for the month of January 2022 Date Quantity Unit Cost or Selling Price January 1 Description Beginning inventory Purchase 100 $12 January 5 141 15 January 8 Sale 110 25 January 10 Sale return 10 25 January 15 Purchase 55 17 January 16 Purchase return 5 17 January 20 Sale 91 31 January 25 Purchase 17 19 For each of the following cost flow assumptions, calculate cost of goods sold, ending inventoryand 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 $ 3.033 2,565 Ending inventory $ 1.455 $ 1.923 $ Gross profit 2.288 $ 2,756 $