SUMMIT INC.

Units Unit Cost

1-Apr Beg Inventory 3 $18.00 $ 54.00

4-Apr Purchase 8 $17.25 $ 138.00

6-Apr Purchase 5 $16.00 $ 80.00

7-Apr Sales of 9 units at a selling price of $26 each

Required: Summit uses the perpetual inventory system. Determine the costs

assigned to April 30 ending inventory and calculate CGS for the month under each

of the following 3 cost methods:

CGS END INV.

FIFO __________ __________

LIFO __________ __________

WEIGHTED AVERAGE __________ __________