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Assume that Star Coffee Shop completed the following periodic inventory transactions for a line of merchandise inventory: Click the icon to view the transactions.) Requirements
Assume that Star Coffee Shop completed the following periodic inventory transactions for a line of merchandise inventory: Click the icon to view the transactions.) 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 cos 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. Requirement 2. Requirement 3. FIFO LIFO Weighted Average Plus: Less: Cost of goods sold Jun. Beginning merchandise inventory 12 Purchase 20 Sale 24 Purchase 29 Sale 18 units @ 6 units @ 9 units @ 15 units @ 20 units @ $ $ $ $ $ 26 each 29 each 32 each 31 each 32 each
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