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I cant figure out what I am doing wrong. How do I calculate the correct answer? Inventory Costing Methods - Periodic Method Fortune Stores uses
I cant figure out what I am doing wrong. How do I calculate the correct answer?
Inventory Costing Methods - Periodic Method 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 1 20 units with a unit cost of $325. Transactions for this item during April were as follows: April 9 Purchased 40 14 Sold 80 23 Purchased 20 units @ $345 per unit units @ $550 per unit units @ $350 per unit units 29 sold Required 40 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 answers to the nearest dollar. b. Calculate the cost of goods sold and the ending inventory cost for the month of April using the first-in, first-out method. c. Calculate the cost of goods sold and the ending inventory cost for the month of April using the last-in, first-out method. a. b. c. Weighted Average Ending Inventory Cost of goods Sold First-in, First-out: Ending Inventory Cost of Goods Sold: Last-in, first-out: Ending Inventory Cost of Goods Sold: 20,133 40,267 20,800 39,600 19,800 40,600 Check
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