Exercise 1. FIFO, LIFO and weighted average

Computers of the Future made several purchases and sales of $7,750 in the month of April. He had operating expenses of $1,800.

1. Prepare three statements of income and expenses (income statement) : one using the FIFO method, another LIFO and the other with the weighted average (weighted average).
2. Calculate the cost of goods sold using the periodic inventory model

Exercise 2. Periodic inventory

Using the periodic inventory method, compute the cost of goods sold for the following year:

Date April 1st 6 8 13 fifteen 19 twenty-one 22 27 30 Detail Initial inventory Sale Purchase Sale Sale Purchase Sale Sale Purchase Sale Quantity 6 4 eleven 5 3 twenty 8 two 10 6 Unit cost $72 84 109 90 Date May 1 6 8 13 30 Detail Initial inventory Sale Purchase Sale Sale Quantity 12 6 18 8 4 Unit cost $112 103