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Chubby Inc is a retailer operating in thetown. Chubby uses the perpetual inventory method. All...

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Accounting

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Chubby Inc is a retailer operating in thetown. Chubby uses the perpetual inventory method. All ales retum from the customer result in the goods being retumed to inventory, the inventory is not damage. Assume that there are no credit transactions; all amounts are settled in cash. You are provided with the following information for Chubby Inc. for the month of January 2019. Date Description Quantity Unit cost or selling price $15 January 1 January 5 January 8 January 10 January 15 January 16 January 20 January 25 TE Beginning inventory Purchase Sale Sales retum Purchase Purchase retum Sale Purchase Required: (a) For each the following cost flow assumptions, calculate (1) cost of goods sold, (ii) ending inventory and (ii) gross profit. (1) LIFO (2) FIFO (3) Moving Average cost

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