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Metlock, Inc. is a retailer operating in Calgary, Alberta. Metlock, Inc. uses the perpetual inventory...

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Accounting

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

Date

Description

Quantity

Unit Cost or Selling Price
Dec. 31 Ending inventory 159 $18
Jan. 2 Purchase 109 20
Jan. 6 Sale 192 42
Jan. 9 Purchase 78 22
Jan. 10 Sale 52 47
Jan. 23 Purchase 97 23
Jan. 30 Sale 124

50

For each of the following cost flow assumptions, calculate (i) cost of goods sold, (ii) ending inventory, and (iii) gross profit. (Round answers to 0 decimal places, e.g. 125.)

(1) LIFO.
(2) FIFO.
(3) Moving-average.

I need help with calculating the moving-average for cost of goods sold, ending inventory, and gross profit.

LIFO

FIFO

Moving-average

cost of goods sold

7639

7264

ending inventory

1350

1725

gross profit

9069

9444

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