In: Accounting
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