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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 | Description | Quantity | Unit Cost or Selling Price |
Jan 1 | End Inv | 173 | 20 |
Jan 2 | Purchase | 103 | 22 |
Jan 6 | Sale | 177 | 43 |
Jan 9 | Purchase | 69 | 24 |
Jan 10 | Sale | 48 | 48 |
Jan 23 | Purchase | 102 | 25 |
Jan 30 | Sale | 125 | 51 |
For each of the following cost flow assumptions, calculate (i) cost of goods sold, (ii) ending inventory, and (iii) gross profit. (Round answers to 0 decimal places, e.g. 125.)
i. LIFO ii. FIFO iii. Moving Average
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