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Swift Inc. is a retailer operating in British Columbia. Swifty uses the perpetual inventory system....

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Accounting

Swift Inc. is a retailer operating in British Columbia. Swifty 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 case. You are provided with the following for Swifty Inc. for the month of January 2022.

Date Description Quantity Unit Cost or Selling Price

January 1 Beginning Inventory 100 $17

January 5 Purchase 144 $20

January 8 Sale 109 $29

January 10 Sale return 9 $29

January 15 Purchase 55 $22

January 16 Purchase return 5 $22

January 20 Sale 95 $33

January 25 Purchase 22 $24

(a1) Calculate the moving-average cost per unit on January 1,5,8,10,15,16,20, &25

(a2) For each of the following cost flow assumptions, calculate the cost of goods sold, ending inventory, and gross profit. (1) LIFP. (2) FIFO. (3) Moving-average cost. ( Round average-cost per unit 3 decimal places.)

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