Inventory Costing Methods—Perpetual Method Fortune Stores uses the perpetual inventory system for its merchandise inventory. The...
Inventory Costing Methods—Perpetual Method Fortune Stores uses the perpetual 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 $330. Transactions for this item during April were as follows:
| April | 9 | Purchased | 40 | units @ | $345 per unit |
| 14 | Sold | 80 | units @ | $550 per unit | |
| 23 | Purchased | 20 | units @ | $350 per unit | |
| 29 | Sold | 40 | units@ | $550 per unit |
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.
Homework Answers
Closini inventory and cost of goods sold of Fortune stores as per different three methods are as follows
1) Weighted Average Method
2)
FIFO Method
3) LIFO Method.
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Inventory Costing Methods—Perpetual Method
Fortune Stores uses the perpetual inventory system for its
merchandise inventory. The...
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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 $335. Transactions for this item during April were as follows: April 9 Purchased 40 units $355 per unit 14 Sold 80 units @ $560 per unit 23 Purchased 20 units @ $360 per unit 29 Sold 40 units Required a. Calculate...
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