Reference no: EM132690002

January 1 Beginning inventory 100 @ $12

January 5 Purchase 141 @ $15

January 8 Sale 110 @ $25

January 10 Sale return 10 @ $25

January 15 Purchase 55 @ $17

January 16 Purchase return 5 @ $17

January 20 Sale 91 @ $31

January 25 Purchase 17 @ $19

Problem 1: For each of the following cost flow assumptions, calculate cost of goods sold, ending inventory, and gross profit. (1) LIFO. (2) FIFO. (3) Moving-average cost. (Round average-cost per unit to 3 decimal places, e.g. 12.502 and final answer to 0 decimal places, e.g. 1,250.)