Inventory Costing Methods - Periodic Method Fortune Stores uses the periodic inventory system for its merchandise...

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 120 units with a unit cost of $355. Transactions for this item during April were as follows:

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 April using the last-in, first-out method.

April 9 Purchased 40 units @ $375 per unit

14 Sold 80 units @ $580 per unit

23 Purchased 20 units @ $380 per unit

29 Sold 40 units

a. Weighted Average Ending Inventory Cost of goods Sold?

b. First-in, First-out: Ending Inventory Cost of Goods Sold?

c. Last-in, first-out: Ending Inventory Cost of Goods Sold?

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Expert Solution

ekkarill92 answered 1 year ago

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