Question

Windsor, Inc. is a retailer operating in Calgary, Alberta. Windsor 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 for the month of January 2022.

Date		Description		Quantity		Unit Cost or Selling Price
Dec. 31		Ending inventory		165		$20
Jan. 2		Purchase		99		21
Jan. 6		Sale		200		40
Jan. 9		Purchase		81		24
Jan. 10		Sale		65		44
Jan. 23		Purchase		100		26
Jan. 30		Sale		130		47

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.

Answer 1

1	Date	Opening Inventory	Opening Inventory	Opening Inventory	Sale	Sale	Sale	Closing Inventoy	Closing Inventoy	Closing Inventoy	LIFO METHOD
		Unit	Rate	Value	Unit	Rate	Value	Unit	Rate	Value
	31-Dec	165	20	3300	-	-	-	165	20	3300
	2-Jan	99	21	2079	-	-	-	(165+99)	(20 +21)	5379
	6-Jan	-	-	-	(101+99)	40	8000	(64+0)	(20+21)	1280
	9-Jan	81	24	1944	-	-	-	(64+0+81)	(20+21+24)	3224
	10-Jan	-	-	-	(0+0+65)	44	2860	(64+0+16)	(20+21+24)	1664
	23-Jan	100	26	2600	-	-	-	(64+0+16+100)	(20+21+24+26)	4264
	30-Jan	-	-	-	(14+0+16+100)	47	6110	(50+0+0+0)	(20+21+24+26)	1000
				9923			16970			1000
2	Date	Opening Inventory	Opening Inventory	Opening Inventory	Sale	Sale	Sale	Closing Inventoy	Closing Inventoy	Closing Inventoy	FIFO METHOD
		Unit	Rate	Value	Unit	Rate	Value	Unit	Rate	Value
	31-Dec	165	20	3300	-	-	-	165	20	3300
	2-Jan	99	21	2079	-	-	-	(165+99)	(20 +21)	5379
	6-Jan	-	-	-	(165+35)	40	8000	(0+64)	(20+21)	1344
	9-Jan	81	24	1944	-	-	-	(0+64+81)	(20+21+24)	3288
	10-Jan	-	-	-	(0+64+1)	44	2860	(0+0+80)	(20+21+24)	1920
	23-Jan	100	26	2600	-	-	-	(0+0+80+100)	(20+21+24+26)	4520
	30-Jan	-	-	-	(0+0+80+50)	47	6110	(0+0+0+50)	(20+21+24+26)	1300
				9923			16970			1300
3	Date	Opening Inventory	Opening Inventory	Opening Inventory	Sale	Sale	Sale	Closing Inventoy	Closing Inventoy	Closing Inventoy	Moving Average
		Unit	Rate	Value	Unit	Rate	Value	Unit	Rate	Value
	31-Dec	165	20	3300	-	-	-	165	20	3300
	2-Jan	99	21	2079	-	-	-	(165+99)	20	5280
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