Assume that

Cup 'O JoeCup 'O Joe

Coffee Shop completed the following periodic inventory transactions for a line of merchandise inventory:

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Requirements

1.	Compute ending merchandise inventory, cost of goods sold, and gross profit using the FIFO inventory costing method.
2.	Compute ending merchandise inventory, cost of goods sold, and gross profit using the LIFO inventory costing method.
3.	Compute ending merchandise inventory, cost of goods sold, and gross profit using the weighted-average inventory costing method. (Round weighted-average cost per unit to the nearest cent and all other amounts to the nearest dollar.)

Requirements 1., 2., and 3. Compute ending merchandise inventory, cost of goods sold, and gross profit using the (1) FIFO inventory costing method, (2) LIFO inventory costing method, and (3) weighted-average inventory costing method. (Round weighted-average cost per unit to the nearest cent and all other amounts to the nearest dollar.)

Begin by determining ending merchandise inventory and cost of goods sold under each of the three methods.

		Requirement 1.
		FIFO
Beginning merchandise inventory		$420
Plus:	Net purchases	491
Cost of goods available for sale		911
Less:	Ending merchandise inventory
Cost of goods sold

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More Info

Jun.	1	Beginning merchandise inventory	21	units @	$20	each
	12	Purchase	3	units @	$22	each
	20	Sale	9	units @	$32	each
	24	Purchase	17	units @	$25	each
	29	Sale 18 units @ $32 each