Wildhorse Co. is a retailer operating in Calgary, Alberta. Wildhorse 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 Wildhorse for the month of January 2022. Date Description Quantity Unit Cost or Selling Price Dec. 31 Ending inventory 150 $ 20 Jan. 2 Purchase 100 21 Jan. 6 Sale 180 42 Jan. 9 Purchase 70 25 Jan. 10 Sale 60 42 Jan. 23 Purchase 112 26 Jan. 30 Sale 128 49
Wildhorse Co. is a retailer operating in Calgary, Alberta. Wildhorse 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 Wildhorse for the month of January 2022. Date Description Quantity Unit Cost or Selling Price Dec. 31 Ending inventory 150 $ 20 Jan. 2 Purchase 100 21 Jan. 6 Sale 180 42 Jan. 9 Purchase 70 25 Jan. 10 Sale 60 42 Jan. 23 Purchase 112 26 Jan. 30 Sale 128 49
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
CALCULATE IT VIA ONLYFIFO AND MOVING AVERAGE IGNORE LIFO
PLEASE DO NOT GIVE ANSWER FROM OTHER PLATFORM
Transcribed Image Text:Wildhorse Co. is a retailer operating in Calgary, Alberta. Wildhorse 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 Wildhorse for the month of
January 2022.
Date
Description
Quantity
Unit Cost or Selling Price
Dec. 31
Ending inventory
150
$ 20
Jan. 2
Purchase
100
21
Jan. 6
Sale
180
42
Jan. 9
Purchase
70
25
Jan. 10
Sale
60
42
Jan. 23
Purchase
112
26
Jan. 30
Sale
128
49
Transcribed Image Text: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
7870
8254
%24
%24
%24
%24
%24
%24
%24
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