Solution-Calculate cost of goods sold

Calculate cost of goods sold

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Question - Wildhorse Inc. is a retailer operating in Centralia. Wildhorse uses the perpetual inventory method. All sales returns from customers result in the goods being returned to inventory. (Assume that the inventory is not damaged.) Assume that there are no credit transactions; all amounts are settled in cash. You are provided with the following information for Wildhorse Inc. for the month of January 2017.

Date	Description	Quantity	Unit Cost or Selling Price
Dec. 31	Ending inventory	140	$15
Jan. 2	Purchase	120	16
Jan. 6	Sale	150	29
Jan. 9	Purchase	85	17
Jan. 10	Sale	70	34
Jan. 23	Purchase	100	20
Jan. 30	Sale	110	41

Required - For each of the following cost flow assumptions, calculate (i) cost of goods sold, (ii) ending inventory, and (iii) gross profit. (1) FIFO. (2) FIFO. (3) Moving-average.

Reference no: EM132664028

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Calculate cost of goods sold

Reference no: EM132664028

Reference no: EM132664028

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