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Sunland Company is a retailer operating in Calgary, Alberta. Sunland Company uses the perpetual inventory method. Assume that there are no credit transactions; all amounts
Sunland Company is a retailer operating in Calgary, Alberta. Sunland Company 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 Sunland Company for the month of January 2017 Unit Cost or Selling Price $20 22 44 Date Dec. 31 Jan. 2 Jan. 6 Jan. 9 Jan. 10 Jan. 23 Jan. 30 Description Ending inventory Purchase Sale Purchase Sale Purchase Sale Quantity 164 90 170 68 51 98 138 24 49 25 52 For each of the following cost flow assumptions, calculate (i) cost of goods sold, (ii) ending inventory, and (iii) gross profit. (Round answers to O decimal places, eg. 125.) (1) (2) (3) LIFO. FIFO. Moving-average. LIFO FIFO Moving-average $ 16999 $ $ Cost of goods sold Ending inventory Gross profit $ $ $ $ $ $ $ $ $
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