Question: Please show work (such as formulas, basic addition, etc.) Thank you! CHAPTER 6 Hestur Inc. is a retail company that uses the perpetual inventory method.

Please show work (such as formulas, basic addition, etc.) Thank you!

CHAPTER 6 Hestur Inc. is a retail company that uses the perpetual inventory method. Assume that there are no credit transactions; all amounts are settled in cash. You have the following information for Hestur Inc. for the month of January 2014. Date Description Quantity Unit Cost or Selling Price Dec. 31 Jan. 2 Jan. 6 Jan. 9 Jan. 10 Jan. 23 Jan. 30 Ending inventory Purchase Sale Purchase Sale Purchase Sale 140 120 150 85 70 100 110 $14 15 30 17 35 20 42 Instructions (a) For each of the following cost flow assumptions (1) LIFO. (2) FIFO. (3) Moving-average. (Round cost per unit to three decimal places.) calculate (i) cost of goods sold, (ii) ending inventory, and (iii) gross profit YOU MUST SHOW ALL CALCULATIONS - NO WORK = NO POINTS

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