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Thanks in advance Current Attempt in Progress Wildhorse Inc. is a retailer operating in Centralia. Wildhorse uses the perpetual inventory method. All sales returns from
Thanks in advance
Current Attempt in Progress Wildhorse Inc. is a retailer operating in Centralia. Wildhorse uses the perpetual inventory method. All sales returns from customers result in the goods being returned to inventory. (Assume that 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 Wildhorse Inc. for the month of January 2017 Unit Cost or Selling Price Date Description Quantity Dec. 31 Ending inventory 168 $16 Jan. 2 Purchase 144 17 Jan. 6 Sale 180 31 Jan. 9 Purchase 102 18 Jan. 10 Sale 84 37 Jan. 23 Purchase 120 20 Jan. 30 Sale 132 46 (a) For each of the following cost flow assumptions, calculate (i) cost of goods sold, (ii) ending inventory, and (iii) gross profit. (1) FIFO. (2) FIFO. (3) Moving-average. (Round average cost per unit to 3 decimal places, e.g. 1.286 and final answers to O decimal places, e.g. 5,125.) LIFO FIFO Moving-average Cost of goods sold $ $ $ Ending inventory $ $ ta Gross profit $ $ $Step by Step Solution
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