Case Defence sells smartphone cases and uses the perpetual inventory system. The following is information on the purchases and sales of Defender Box cases. On October 1, Case Defence had 22 units with a unit cost of $16.

		Purchases			Sales
Date		Units	Unit Cost		Units	Unit Price
Oct.	3	12	17
Oct.	6				17	$	52
Oct.	12	22	19
Oct.	19				22	$	52
Oct.	23	32	21
Oct.	30				27	$	52
Oct.	31	17	22

Required: 1. Calculate the dollar value of cost of goods sold and ending inventory for the month of October using the following methods. (Do not round intermediate calculations. Round weighted average all unit costs to two decimal places and round all other numbers to the nearest dollar.)

FiFO

Moving Weighted Average

2. Using your calculations in Part 1, complete the following table: (Do not round intermediate calculations. Round the final answers to nearest dollar.)

3-a. Which method produce the higher gross profit?

multiple choice 1

• FIFO

• Moving weighted average

3-b. Which method produce the higher ending inventory balance?

multiple choice 2

• FIFO

• Moving weighted average

4. Calculate the gross profit percentage for FIFO and Moving weighted average for the month of October. (Round the final answers to the nearest whole number.)