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		142			15
January	8		Sale		114			26
January	10		Sale return		10			26
January	15		Purchase		55			17
January	16		Purchase return		5			17
January	20		Sale		88			32
January	25		Purchase		17			19

(a1)

• Your Answer
• Correct Answer (Used)

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, e.g. 5.251.)

		Moving-Average Cost per unit
January 1		$enter a dollar amount rounded to 3 decimal places
January 5		$enter a dollar amount rounded to 3 decimal places
January 8		$enter a dollar amount rounded to 3 decimal places
January 10		$enter a dollar amount rounded to 3 decimal places
January 15		$enter a dollar amount rounded to 3 decimal places
January 16		$enter a dollar amount rounded to 3 decimal places
January 20		$enter a dollar amount rounded to 3 decimal places
January 25		$enter a dollar amount rounded to 3 decimal places

(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 0 decimal places, e.g. 1,250.)

		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