10A.

HeavenlyHeavenly

Books has the following transactions in

AugustAugust

related to merchandise inventory.

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a.	Determine the cost of goods sold and ending merchandise inventory using the FIFO inventory costing method assuming HeavenlyHeavenly Books uses the periodic inventory system.
b.	Determine the cost of goods sold and ending merchandise inventory using the LIFO inventory costing method assuming HeavenlyHeavenly Books uses the periodic inventory system.
c.	Determine the cost of goods sold and ending merchandise inventory using the weighted-average inventory costing method assuming HeavenlyHeavenly Books uses the periodic inventory system.

a., b., and c. Determine the cost of goods sold and ending merchandise inventory using the (a) FIFO inventory costing method, (b) LIFO inventory costing method, and (c) weighted-average inventory costing method assuming

HeavenlyHeavenly

Books uses the periodic inventory system. (Round weighted average cost per unit to the nearest cent and all other amounts to the nearest dollar.)

		a.
		FIFO
Beginning merchandise inventory		$253
Plus:	Net cost of purchases	266
Cost of goods available for sale		519
Less:	Ending merchandise inventory
Cost of goods sold		399