Question
Fortune Stores uses the periodic inventory system for its merchandise inventory. The April 1 inventory for one of the items in the merchandise inventory consisted
Fortune Stores uses the periodic inventory system for its merchandise inventory. The April 1 inventory for one of the items in the merchandise inventory consisted of 120 unites with a unite cost of $330. Transaction for this item during April were as following:
a. Calculate the cost of goods sold and the ending inventory cost for the month of April using the weighted-average cost method. Round your final answer to the nearest dollar.
b. Calculated the cost of goods sold and the ending inventory cost for the month of April using the first-in, first-out method.
c. Calcualted the cost of goods sold and the ending inventory cost for the month of April using the last-in, last-out method.
Unites | Cost | ||
April 1 | Beginning Inventory | 120 | 330 |
April 9 | Purchased | 40 | 345 |
April 14 | Sold (80 unties @ $550) | ||
April 23 | Purchased | 20 | 350 |
April 29 | Sold (40 unites @ $550) |
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