Concord Inc. is a retailer operating in British Columbia. Concord uses the perpetual inventory system....
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Concord Inc. is a retailer operating in British Columbia. Concord uses the perpetual inventory system. All sales returns from customers result in the goods being returned to inventory; 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 Concord Inc. for the month of January 2022. Calculate the Moving-average cost per unit at January 1,5,8,10,15,16,20,&25. (Round moving-average cost per unit answers to 3 decimal places, eg. 5.251.) For each of the following cost flow assumptions, calculate cost of goods sold, ending inventory, and gross profit. (1) LIFO. (2) FIFO. (3) Moving-average cost. (Round average-cost per unit to 3 decimal places, e.g. 12.502 and final answer to 0 decimal places, e.g. 1,250.)
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