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Assume that Wake Up Coffee Shop completed the following periodic inventory transactions for a line...

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Accounting

Assume that Wake Up Coffee Shop completed the following periodic inventory transactions for a line of merchandise inventory:

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.)

Jun. 1

Beginning merchandise inventory

18 units @ $28 each

Jun. 12

Purchase

8 units @ $29 each

Jun. 20

Sale

14 units @ $35 each

Jun. 24

Purchase

12 units @ $31 each

Jun. 29

Sale

18 units @ $35 each

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