Question

Problem 6-08A a1-a2 (Part Level Submission)

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

Date		Description		Quantity		Unit Cost or Selling Price
Dec. 31		Ending inventory		160		$20
Jan. 2		Purchase		96		22
Jan. 6		Sale		180		39
Jan. 9		Purchase		76		24
Jan. 10		Sale		56		45
Jan. 23		Purchase		114		25
Jan. 30		Sale		140		48

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

(1)LIFO:

(2)FIFO:

(3)Average Cost Method:

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