Question
Books has the following transactions in related to merchandise inventory. LOADING...(Click the icon to view the transactions.) Read the requirementsLOADING.... Question content area bottom Part
Books has the following transactions in related to merchandise inventory. LOADING...(Click the icon to view the transactions.) Read the requirementsLOADING.... Question content area bottom Part 1 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 Books uses the periodic inventory system. (Round weighted average cost per unit to the nearest cent and all other amounts to the nearest dollar.) Aug. 1 Beginning merchandise inventory, 15 books @ $16 each Aug. 3 Sold 8 books @ $21 each Aug. 12 Purchased 13 books @ $20 each Aug. 15 Sold 10 books @ $21 each Aug. 20 Purchased 5 books @ $23 each Aug. 28 Sold 7 books @ $22 each
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