Stewart Co.’s beginning inventory and purchases during the year ended December 31, 20Y2, were as follows:

Instructions 1. Determine the cost of inventory on December 31, 20Y2, using the perpetual inventory system and each of the following inventory costing methods:

a. first-in, first-out

b. last-in, first-out

c. weighted average (round weighted average cost per unit to two decimal places)
2. Determine the cost of inventory on December 31, 20Y2, using the periodic inventory system and each of the following inventory costing methods:

a. first-in, first-out

b. last-in, first-out

c. weighted average cost (round weighted average cost per unit to two decimal places)
3. (Appendix) Assume that during the fiscal year ended December 31, 20Y2, sales were $530,000 and the estimated gross profit rate was 36%. Estimate the ending inventory at December 31, 20Y2, using the gross profit method.

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January 1 March 10 June 25 August 30 October 5 November 26 December 31 Total Inventory Purchase Sold 1,600 units Purchase Sold 4,000 units Purchase Sold 800 units Unit 1,000 3,000 2,600 1,000 7,600 Unit Cost $50.00 52.00 55.00 57.68 Total Cost $ 50,000 156,000 143,000 57,680 $406,680