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Grady Yarn Shop, a regional Craft Market, maintains acrylic yarn by the skein. The second months yarn purchases and sales at its Columbus, Ohio, location

Grady Yarn Shop, a regional Craft Market, maintains acrylic yarn by the skein. The second months yarn purchases and sales at its Columbus, Ohio, location follow:

Date

Description

Quantity

Unit Cost or Selling

Price

Nov 1

Beginning Inventory

10

$3.25

Nov 2

Purchase

11

$3.28

Nov 6

Purchase

2

$3.30

Nov 8

Sold

3

$6.80

Nov 13

Purchase

2

$3.35

Nov 14

Sold

3

$7.00

Nov 25

Purchase

4

$3.38

Nov 28

Sold

5

$7.10

Required:

Calculate the value of (i) ending inventory, (ii) Cost of Goods Sold, and (iii) gross profit using the Weighted Average cost flow assumption, following the periodic inventory approach.

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