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Business · Accounting
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Chewy Inc is a retailer operating in the town. Chewy uses the perpetual inventory method. All ales return from the customer result in the goods being returned 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 Chewy Inc. for the month of January 2018. Description Quantity Unit cost or selling price Date $15 14 25 25 January 1 Beginning inventory January 5 Purchase January 8 Sale January 10 Sales return January 15 Purchase January 16 Purchase return January 20 Sale January 25 Purchase 60 110 90 10 35 10 90 10 25 20 Required: (a) For each the following cost flow assumptions, calculate (i) cost of goods sold, (ii) ending inventory and (iii) gross profit. (1) LIFO cot (2) FIFO (3) Moving-average
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