Coronado Inc. is a retailer operating in British Columbia. Coronado uses the perpetual inventory system....
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Accounting
Coronado Inc. is a retailer operating in British Columbia. Coronado uses the perpetual inventory system. 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 Coronado Inc. for the month of January 2022. For each of the following cost flow assumptions, calculate cost of goods sold, ending inventory, and gross profit. (1) LIFO. (2) FIFO. (3) Moving-average cost. (Round average-cost per unit to 3 decimal places, eg. 12.502 and final answer to 0 decimal places, e.g. 1,250.)
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