Swift Inc. is a retailer operating in British Columbia. Swifty uses the perpetual inventory system....
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Accounting
Swift Inc. is a retailer operating in British Columbia. Swifty 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 case. You are provided with the following for Swifty Inc. for the month of January 2022.
Date
Description
Quantity
Unit Cost or Selling Price
January 1
Beginning Inventory
100
$17
January 5
Purchase
144
$20
January 8
Sale
109
29
January 10
Sale return
9
29
January 15
Purchase
55
22
January 16
Purchase return
5
22
January 20
Sale
95
33
January 25
Purchase
22
24
(a1)
Calculate the moving-average cost per unit on January 1,5,8,10,15,16,20, &25
(a2)
For each of the following cost flow assumptions, calculate the cost of goods sold, ending inventory, and gross profit. (1) LIFP. (2) FIFO. (3) Moving-average cost. ( Round average-cost per unit 3 decimal places.)
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