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Problem 6-08A a1-a2 (Part Level Submission) Swifty Inc. is a retailer operating in British Columbia, Swifty uses the perpetual inventory method. All sales returns from
Problem 6-08A a1-a2 (Part Level Submission) Swifty Inc. is a retailer operating in British Columbia, Swifty 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 Swifty Inc. for the month of January 2020. Date January 1 January 5 January 8 January 10 January 15 January 16 January 20 January 25 Description Beginning inventory Purchase Sale Sale return Purchase Purchase return Sale Purchase Quantity 100 149 114 10 55 5 95 18 Unit Cost or Selling Price $13 16 25 25 18 18 29 20 (a1) 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 Click if you would like to Show Work for this question: Open Show Work (a2) 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 o decimal places, e.g. 1,250.) LIFO FIFO Moving-average Cost of goods sold $ $ $ Ending inventory $ $ $ Gross profit $ $ $ Click if you would like to Show Work for this question: Open Show Work
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