Tally Stores uses the periodic inventory system for its merchandise inventory. The April 1 inventory for one
Question:
Tally Stores uses the periodic inventory system for its merchandise inventory. The April 1 inventory for one of the items in the merchandise inventory consisted of 120 units with a unit cost of \(\$ 330\). Transactions for this item during April were as follows:
April
9 Purchased 40 units \(@ \$ 345\) per unit.
14 Sold 80 units @ \(\$ 550\) per unit.
23 Purchased 20 units \(@ \$ 360\) per unit.
29 Sold 40 units \(@ \$ 550\) per unit.
Required
a. Calculate the cost of goods sold and the ending inventory cost for the month of April using the weighted-average cost method. Round the cost per unit to 3 decimal places and your final answers to the nearest dollar.
b. Calculate the cost of goods sold and the ending inventory cost for the month of April using the first-in, first-out method.
c. Calculate the cost of goods sold and the ending inventory cost for the month of April using the last-in, first-out method.
Step by Step Answer: