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1. Compute ending merchandise inventory, cost of goods sold, and gross profit using the FIFO...

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Accounting

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1. Compute ending merchandise inventory, cost of goods sold, and gross profit using the FIFO inventory costing method. 2. Compute ending merchandise inventory, cost of goods sold, and gross profit using the LIFO inventory costing method. 3. Compute ending merchandise inventory, cost of goods sold, and gross profit using the weighted-average inventory costing method. (Round weightedaverage cost per unit to the nearest cent and all other amounts to the nearest dollar.) Assume that Java Coffee Shop completed the following periodic inventory transactions for a line of merchandise inventory: (i. (Click the ioon to viow the transactions.) Read the Requirements 1., 2., and 3. Compute ending merchandise inventory, cost of goods sold, and gross profit using the (1) FiFO inventory costing method, (2) LIFO inventory costing method and (3) weighted-average inventory costing method. (Round weighted-averape cost por un't to the nearest cent and all other amounts to the nearest dollar.) Begin by determining ending morchandise irventory and cost of goods sold under each of the three methods. Now compute the gross profit under each inventory costing method. More info

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