Problem 6-08A a1-a2

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

Date			Description		Quantity			Unit Cost or Selling Price
January	1		Beginning inventory		100			$15
January	5		Purchase		144			18
January	8		Sale		112			30
January	10		Sale return		10			30
January	15		Purchase		55			20
January	16		Purchase return		5			20
January	20		Sale		92			35
January	25		Purchase		20			22

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		$

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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