Question: I'm stuck, please help! Need help on answers for all the areas where it says enter dollar amount. Thanks! Whispering Winds Corp. is a retailer
I'm stuck, please help! Need help on answers for all the areas where it says "enter dollar amount." Thanks!
Whispering Winds Corp. is a retailer operating in Calgary, Alberta. Whispering Winds 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 Whispering Winds for the month of January 2022.
| Date | Description | Quantity | Unit Cost or Selling Price | |||
|---|---|---|---|---|---|---|
| Dec. 31 | Ending inventory | 150 | $20 | |||
| Jan. 2 | Purchase | 90 | 24 | |||
| Jan. 6 | Sale | 184 | 42 | |||
| Jan. 9 | Purchase | 70 | 26 | |||
| Jan. 10 | Sale | 45 | 46 | |||
| Jan. 23 | Purchase | 99 | 28 | |||
| Jan. 30 | Sale | 140 | 47 |
Calculate average cost for each unit. (Round answers to 3 decimal places, e.g. 5.125.)
| Jan. 1 | $enter a dollar amount | |
|---|---|---|
| Jan. 2 | $enter a dollar amount | |
| Jan. 6 | $enter a dollar amount | |
| Jan. 9 | $enter a dollar amount | |
| Jan. 10 | $enter a dollar amount | |
| Jan. 23 | $enter a dollar amount | |
| Jan. 30 | $enter a dollar amount |
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. |
| LIFO | FIFO | Moving-average | ||||
|---|---|---|---|---|---|---|
| Cost of goods sold | $enter a dollar amount | $enter a dollar amount | $enter a dollar amount | |||
| Ending inventory | $enter a dollar amount | $enter a dollar amount | $enter a dollar amount | |||
| Gross profit | $enter a dollar amount | $enter a dollar amount | $enter a dollar amount |
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