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Sunland Inc. is a retailer operating in British Columbia. Sunland uses the perpetual inventory system. All sales returns from customers result in the goods
Sunland Inc. is a retailer operating in British Columbia. Sunland uses the perpetual inventory system. 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 Sunland Inc. for the month of January 2022. Date Description Quantity Unit Cost or Selling Price January 1 Beginning inventory 100 $12 January 5 Purchase 141 January 8 Sale 110 January 10 Sale return 10 January 15 Purchase 55 January 16 Purchase return 5 January 20 Sale 91 31 January 25 Purchase 17 19 25252 15 17 17 Calculate the Moving-average cost per unit at January 1, 5, 8, 10, 15, 16, 20, & 25. (Round moving-average cost per unit answers to 3 decimal places, eg. 5.251.) Moving-Average Cost per unit January 1 $ January 5 January 8 January 10 $ January 15 $ January 16 January 20 $ January 25 +A $ 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.) Cost of goods sold $ Ending inventory Gross profit LIFO FIFO $ Moving-average
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