Question

Windsor, Inc. is a retailer operating in Calgary, Alberta. Windsor, Inc. 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 Windsor, Inc. for the month of January 2017.

Date		Description		Quantity		Unit Cost or Selling Price
Dec. 31		Ending inventory		155		$20
Jan. 2		Purchase		95		22
Jan. 6		Sale		163		38
Jan. 9		Purchase		71		24
Jan. 10		Sale		51		43
Jan. 23		Purchase		107		25
Jan. 30		Sale		129		46

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		$		$		$
Ending inventory		$		$		$
Gross profit		$		$		$

Answer 1