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Homework answers / question archive / Whispering Winds Corp
Whispering Winds Corp. is a retailer operating in Calgary, Alberta. They use 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 Whispering Winds Corp. for the month of January 2017.
| Date | Description | Quantity | Unit Cost or Selling Price |
|---|---|---|---|
| Dec. 31 | Ending inventory | 162 | $19 |
| Jan. 2 | Purchase | 207 | 21 |
| Jan. 6 | Sale | 184 | 30 |
| Jan. 9 | Purchase | 92 | 23 |
| Jan. 10 | Sale | 51 | 44 |
| Jan. 23 | Purchase | 91 | 23 |
| Jan. 30 | Sale | 127 | 47 |
1. Calculate average cost for each unit. (Round answers to 3 decimal places, e.g. 5.125.)
2. 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.)
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