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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