The Baby Store had a beginning inventory on January 1 of 200 full-size strollers at a cost of $110 per unit. During the year, the following purchases were made:

Units

Unit Cost

Mar. 15 80 $111

July 20 60 110

Sept. 4 25 108

Dec. 2 10 103

At the end of the year, there were 35 units on hand. The Baby Store uses a periodic inventory system. Instructions

Determine the cost of goods available for sale. During the year, The Baby Store sold the strollers for $290 per unit. Calculate the number of units sold during the year and total sales revenue. Determine the cost of the ending inventory and the cost of goods sold using (1) FIFO and (2) weighted average. Round the weighted average cost per unit to two decimal places. Calculate gross profit using (1) FIFO and (2) weighted average.