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Calculate cost of goods sold using moving-average cost

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Reference no: EM132513768

ABC Inc. is a retailer operating in Edmonton, Alberta. They uses the perpetual inventory method. All sales returns from customers result in the goods being returned to inventory; 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 ABC Inc.. for the month of September 2018.

Date                                  Description                   Quantity                          Unit cost or Selling Price

September 1                 Beginning inventory           70                                  $13

September 5                     Purchase                     60                                   19

September 8                             Sale                     80                                   44

September 10                       Sale return                 7                                      44

September 15                          Purchase                   90                                  21

September 16                     Purchase return                15                                 21

September 20                          Sale                          45                                   40

Instructions

Question (a) For each of the following cost flow assumptions, calculate (i) cost of goods sold,(ii) ending inventory, using

(1) FIFO.

(2) Moving-average cost

Reference no: EM132513768

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