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Vaughn Manufacturing is a retailer operating in Calgary, Alberta. Vaughn uses the perpetual inventory method. Assume that there are no credit transactions; all amounts are

Vaughn Manufacturing is a retailer operating in Calgary, Alberta. Vaughn 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 Vaughn for the month of January 2022.

Date

Description

Quantity

Unit Cost or Selling Price

Dec. 31

Ending inventory

150 $20

Jan. 2

Purchase

100 21

Jan. 6

Sale

185 37

Jan. 9

Purchase

65 25

Jan. 10

Sale

60 48

Jan. 23

Purchase

105 26

Jan. 30

Sale

125 51

Jan. 1

$enter a dollar amount

Jan. 2

$enter a dollar amount

Jan. 6

$enter a dollar amount

Jan. 9

$enter a dollar amount

Jan. 10

$enter a dollar amount

Jan. 23

$enter a dollar amount

Jan. 30

$enter a dollar amount

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.)

(1) LIFO.
(2) FIFO.
(3) Moving-average.

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

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