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Inventory Costing Methods-Perpetual Method Fortune Stores uses the perpetual inventory system for its merchandise inventory. The April 1 Inventory for one of the ltems in
Inventory Costing Methods-Perpetual Method Fortune Stores uses the perpetual inventory system for its merchandise inventory. The April 1 Inventory for one of the ltems in the merchandise inventory consisted of 120 units with a unit cost of $395. Transactions for this item during April were as follows: April 9 Purchased 40 units $415 per unit 14 Sold 80 units 620 per unit 23 Purchased 20 units@ 420 per unit 29 sold 40 units Required a. Calculate the cost of goods sold and the ending inventory cost for the month of April using the weighted-average cost method. Do not round until your final answers. 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 Aprit using the last-in first-out method. a. Weighted Average Ending inventory 24,240 Cost of goods Sold 48160
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