Fortune Stores uses the periodic inventory system for its merchandise inventory. The April 1 inventory for...

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 $375. Transactions for this item during April were as follows:

April	9	Purchased	40	units @	$395	per unit
	14	Sold	80	units @	$600	per unit
	23	Purchased	20	units @	$400	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 April using the last-in, first-out method

Solutions

Expert Solution

ekkarill92 answered 10 months ago

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