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perpetual inventory method. All ales return from the customer result in the goods being returned to inventory, the inventory is not damage. Assume that there are no credit transactions; all amounts are settled in cash. You are provided with the following information for Chewy Inc. for the month of January 2018 Date Description Quantity Unit cost or selling price January 1 Beginning inventory January 5 Purchase January 8 Sale January 10 Sales returr January 15 Purchase January 16 Purchase return January 20 Sale January 25 Purchase 60 110 90 10 35 10 90 10 S15 25 25 18 18 25 20 Required: (a) For each the following cost flow assumptions, calculate (i) cost of goods sold, (ii) ending inventory and (iii) gross profit. (1) LIFO cot (2) FIFO (3) Moving-average
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Answer #1

To calculate cost of goods sold and ending inventory ,there are many methods

  • FIFO (first in first out)
  • LIFO(last in first out)
  • Weighted average

LIFO Date Sales 1/5/18 LloxHE-1540- GoX ISe 900 1/8/1g GoxIS 900 30x14-420 60x15:960 30x14.420 35x18-630 si 35 x18 - 630 3oXIy-20 2SX18- 456 hofis 2SXiS 37S Sales 18118 Roxas aaso 184S 37S Endung inwen toEIFO Belance 60 x15:9の Sles oXIS-900 0x14-112 oXiS So ZS x 18-630 75X18 630 B0X Iy 120 Cales 1s90 Cost of gords sold 270 r7Datu Burchar Salus Balance 6oxi5:900 170x143 S-2490- toxtu3S 143-5 Sales costljooels sol (676) 1824 Inventory ESES


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