The College Store Inc. inventory records showed the following data relative to a particular item sold regularly ( transactions occurred in the order given):

Required:
1. Complete the following schedule (round unit costs to nearest cent and total costs of inventory to the nearest $ 10):

2. Prepare journal entries, including year- end adjusting entries to establish ending inventory, if needed, for the two average calculations (b) and (c) above). Assume that the weighted average method is used with a periodic system and the moving average method with a perpetual system.
3. Explain how your entries in (2) would be different if a standard cost system were used, with the standard cost established at $ 5.50 at normalcapacity.

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Transaction Units Unit Cost 3,000 27,000 10,500 9,000 24,000 4,500 9,000 $5.00 1. Beginning inventory 2. Purchase 3. Sales (at $13 per unit) 4. Purchase 5. Sales (at $13.50 per unit) 6. Purchase 7. Ending inventory 5.20 5.50 6.00 Ending Inventory Cost of Goods Sold Gross Margin a. FIFO b. Weighted average c. Moving average