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Metlock, Inc. is a retailer operating in Calgary, Alberta. Metlock uses the perpetual inventory method. Assume that there are no credit transactions; all amounts are
Metlock, Inc. is a retailer operating in Calgary, Alberta. Metlock 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 Metlock for the month of January 2022. Date Description Quantity Unit Cost or Selling Price Dec.31 Ending inventory Jan. 2 Purchase Jan. 6 Sale Jan. 9 Purchase Jan. 10 Sale Jan. 23 Purchase Jan. 30 Sale Calculate average cost for each unit. (Round answers to 3 decimal places, e.g. 5.125.) Jan. 1 $ Jan.2 $ Jan. 6 $ $ Jan. 9 Jan. 10 $ Jan. 23 $ Jan. 30 $ For each of the following cost flow assumptions, calculate (i) cost of goods sold, (ii) ending inventory, and (iii) gross profit. (1) LIFO. (2) FIFO. (3) Moving-average. LIFO FIFO Moving-average Cost of goods sold $ to " Ending inventory $ to " Gross profit to 0
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