Problem 6-08A a1-a2 (Part Level Submission)

Skysong, Inc. is a retailer operating in Calgary, Alberta. Skysong 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 Skysong for the month of January 2022.

Date		Description		Quantity		Unit Cost or Selling Price
Dec. 31		Ending inventory		150		$20
Jan. 2		Purchase		100		25
Jan. 6		Sale		181		41
Jan. 9		Purchase		81		26
Jan. 10		Sale		50		48
Jan. 23		Purchase		100		28
Jan. 30		Sale		150		44

(a1)

	Your answer is correct.

Calculate average cost for each unit. (Round answers to 3 decimal places, e.g. 5.125.)

Jan. 1		$enter a dollar amount
Jan. 2		$enter a dollar amount
Jan. 6		$enter a dollar amount
Jan. 9		$enter a dollar amount
Jan. 10		$enter a dollar amount
Jan. 23		$enter a dollar amount
Jan. 30		$enter a dollar amount

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Attempts: 2 of 2 used

(a2)

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