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Assume that Jump Coffee Shop completed the following periodic inventory transactions for a line of...

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Accounting

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Assume that Jump Coffee Shop completed the following periodic inventory transactions for a line of merchandise inventory (Click the icon to view the transactions.) Read the requirements. 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 average cost per unit to the nearest cent and all other amounts to the nearest dollar.) Begin by determining ending merchandise inventory and cost of goods sold under each of the three methods. Jun. 15 each 1 Beginning merchandise inventory 12 Purchase 17 units @ $ 5 units @ $ 19 each 20 Sale 37 each 24 Purchase 14 units @ $ 11 units @ $ 13 units @ $ 23 each 29 Sale 37 each Requirement 1. Requirement 2. Requirement 3. FIFO LIFO Weighted Average 255 $ 255 $ 255 348 348 348 Beginning merchandise inventory Plus: Net purchases Cost of goods available for sale Less: Ending merchandise inventory 603 603 603 (90) (138) Cost of goods sold $ 465 $ 513

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