Question

Problem 6-08A a1-a2 (Part Level Submission) Swifty Inc. is a retailer operating in British Columbia. Swifty uses the perpetual inventory method. 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 Swifty Inc. for the month of January 2020. Unit Cost or Selling Price Quantity 100 Date January January January January January January January January 1 5 8 10 15 16 20 25 Description Beginning inventory Purchase Sale Sale return Purchase Purchase return Sale Purchase

Problem 6-08A a1-a2 (Part Level Submission)

Swifty Inc. is a retailer operating in British Columbia. Swifty uses the perpetual inventory method. 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 Swifty Inc. for the month of January 2020.

Answer 1

		LIFO	FIFO		Moving average
Cost of goods sold		3284	2884		3,022
Ending inventory		1660	2060		1,922
Gross profit		2071	2471		2,333

LIFO method Purchase(receipt) Rate Amount Sales Rate Qty. Qty. Amount(Rs.) Qty. Date 01-Jan Balance Rate Amount 13 1300 05-Jan 149 2384 100 149 13 16 1300 2384 08-Jan 114 16 1824 100 35 13 16 1300 560 10-Jan -10 16 -160 100 13 16 1300 720 15-Jan 55 18 990 13 16 18 1300 720 990 16-Jan -5 18 -90 13 16 18 1300 720 900 20-Jan 100 13 1300 45 18 16 900 720 25-Jan 18 20 360 100 18 13 20 1300 360 Cost of goods sold Ending inventory Gross profit 3284 1660 2071 (5355-3284) Sales(Net) 114 25 1025 95 29 2850 -250 2755 5355

FIFO method Purchase(receipt) Rate Amount Sales Rate Qty. Qty. Amount(Rs.) Qty. Date 01-Jan Balance Rate Amount 100 13 1300 05-Jan 149 16 2384 100 149 13 16 1300 2384 08-Jan 13 100 14 1300 224 16 135 16 2160 10-Jan -10 16 -160 145 16 2320 15-Jan 55 18 990 145 16 18 2320 990 16-Jan -5 18 -90 145 50 16 18 2320 900 20-Jan 95 16 1520 50 16 18 800 900 25-Jan 18 20 360 16 18 20 800 900 360 Cost of goods sold Ending inventory Gross profit 2884 2060 2471 (5355-2884) Sales 5355

Moving average Purchase(receipt) Rate Amount Sales Rate Qty. Amount(Rs.) Qty. Date Qty. 01-Jan Balance Rate Amount 100 13 1300 05-Jan 149 16 2384 249 14.795 3684 08-Jan 114 14.795 1,686.65 135 14.795 1,997.35 10-Jan -10 14.795 (147.95) 145 14.795 2,145.30 15-Jan 55 18 990 200' 15.677 3,135.30 16-Jan -5 18 -90 195 15.617 3,045.30 20-Jan 100' 15.617 1,561.69 25-Jan 18 20 360 118 16.286 1,921.69 Cost of goods sold Ending inventory Gross profit 3,022 1,922 2,333 (5355-2333) Sales 5355