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Sweet Acacia Industries is a retailer operating in Calgary, Alberta. Sweet Acacia Industries uses the perpetual inventory method. Assume that there are no credit transactions;
Sweet Acacia Industries is a retailer operating in Calgary, Alberta. Sweet Acacia Industries 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 Sweet Acacia Industries for the month of January 2017 Date Dec. 31 Jan. 2 Jan. 6 Jan. 9 Jan. 10 Jan. 23 Jan. 30 DescriptionQuantity Ending inventory Purchase Sale Purchase Sale Purchase Sale Unit Cost or Selling Price 173 103 $20 69 48 102 125 43 24 48 25 51 Calculate average cost for each unit. (Round answers to 3 decimal places, e.g. 5.125.) an. 1 Jan. 2 Jan. 6 an. 9 an. 10 Jan. 23 an. 30 For each of the following cost flow assumptions, calculate (i) cost of goods sold, (i) ending inventory, and (ii) gross profit. (Round answers to 0 decimal places, e.g. 125. (1) LIFO. (2) FIFO. (3) Moving-average. LIFO FIFO Moving-average Cost of goods sold Ending inventory Gross profit
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