Lily Inc. is a retailer operating in British Columbia. Lily 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 Lily Inc. for the month of January 2020.

Date			Description		Quantity			Unit Cost or Selling Price
January	1		Beginning inventory		100			$13
January	5		Purchase		147			16
January	8		Sale		113			27
January	10		Sale return		10			27
January	15		Purchase		55			18
January	16		Purchase return		5			18
January	20		Sale		94			32
January	25		Purchase		18			20

(a1)

	Your answer is partially correct. Try again.

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.)

		Moving-Average Cost per unit
January 1		$
January 5		$
January 8		$
January 10		$
January 15		$
January 16		$
January 20		$
January 25		$

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(a2)

	Your answer is partially correct. Try again.

For 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		$		$		$
Ending inventory		$		$		$
Gross profit		$		$		$

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