Metlock, Inc. is a retailer operating in Calgary, Alberta. Metlock, Inc. uses the perpetual inventory...
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Accounting
Metlock, Inc. is a retailer operating in Calgary, Alberta. Metlock, Inc. 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 Metlock, Inc. for the month of January 2017.
Date
Description
Quantity
Unit Cost or Selling Price
Dec. 31
Ending inventory
159
$18
Jan. 2
Purchase
109
20
Jan. 6
Sale
192
42
Jan. 9
Purchase
78
22
Jan. 10
Sale
52
47
Jan. 23
Purchase
97
23
Jan. 30
Sale
124
50
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.
I need help with calculating the moving-average for cost of goods sold, ending inventory, and gross profit.
LIFO
FIFO
Moving-average
cost of goods sold
7639
7264
ending inventory
1350
1725
gross profit
9069
9444
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