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Calculate the cost of goods sold and ending inventory

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Reference no: EM131606440

Problem -

Indigo Corporation is a retailer operating in Calgary, Alberta. Indigo Corporation uses the perpetual inventory method. Assume that these are no credit transactions; all amounts are settled in cash. You are provided with the following information for Indigo Corporation for the month of January 2017.

Date

Description

Quantity

Unit Cost or Selling Price

Dec. 31

Ending inventory

163

$20

Jan. 2

Purchase

104

22

Jan. 6

Sale

185

37

Jan. 9

Purchase

70

24

Jan. 10

Sale

54

42

Jan. 23

Purchase

90

25

Jan. 30

Sale

123

45

For each of tie following cost flow assumptions, calculate (1) cost of goods sold, (ii) ending inventory, and (iii) gross profit.

(1) LIFO.

(2) FIFO.

(3) Moving-average.

Reference no: EM131606440

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