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Whispering Winds Corp. is a retailer operating in Calgary, Alberta. Whispering Winds uses the perpetual inventory method. Assume that there are no credit transactions; all
Whispering Winds Corp. is a retailer operating in Calgary, Alberta. Whispering Winds 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 Whispering Winds for the month of January 2022. Date Description Quantity Unit Cost or Selling Price Dec. 31 Ending inventory 150 $20 Jan. 2 Purchase 90 Jan. 6 Sale 184 Jan. 9 Purchase 70 Jan. 10 Sale 45 Jan. 23 Purchase 99 NNNN 24 42 26 46 Jan. 301 Sale 140 47 For each of the following cost flow assumptions, calculate (i) cost of goods sold, (ii) ending inventory, and (iii) gross profit. (Round answers to O decimal places, e.g. 125.) (1) LIFO. (2) FIFO. (3) Moving average. LIFO FIFO Cost of goods sold $ 8923 $ Moving-average 8923 $ 8703 Ending inventory $ 1000 $ 1300 $ 1220 Gross profit 8047 $ 8347 $ 8267
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