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Hector Inc. is a retailer operating in British Columbia. Hector 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 Hector Inc. for the month of January 2019.
Date Description Quantity Unit Cost or Selling Price($)
January 1 Beginning Inventory 100 $ 15
January 5 Purchase 150 18
January 8 Sale 110 28
January 10 Sale return 10 28
January 15 Purchase 55 20
January 16 Purchase return 5 20
January 20 Sales 80 32
January 25 Purchas 30 22
Question (a) For Each of the following cost flow assumption calculate
(i) LIFO
(ii) FIFO
(iii) Moving-average cost
Question (b) Compare results for the three cost flow assumption.
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