Baisch and Company, on January 1 of one year, had an inven¬
tory of XN244 of 12,000 gallons, costing $.41 per gallon. In addition to this beginning inventory, purchases during the next six months were as follows:

The inventory on June 30 was 16,000 gallons. During this six-month period, Baisch and Company sold XN244 for $.57 per gallon. Assume that no liquid was lost through evaporation or leakage.
Instructions Check Figure 1. Find the cost of the ending inventory by the following methods: Ending inventory under FIFO, 4> /,^UU

a. Weighted-average-cost (Round to two decimal places.)

b. First-in, first-out

c. Last-in, first-out 2. Determine the cost of goods sold according to the three methods of costing inventory.
3. Determine the amount of the gross profit according to the three methods of costing inventory.

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Date Quantity (Gallons) Cost per Gallon Total Cost Jan. 1 Inventory 12,000 $.41 $4,920 14 9,000 .42 3,780 Feb. 21 Mar. 7 8,000 .43 3,440 6,000 .43% 2,610 Apr. 19 11,000 .43 4,730 May June 529 5 8,000 .44 3,520 9,000 .45 4,050 7,000 .45 3,150