Inventory Costing Methods - Periodic Method Fortune Stores uses the periodic inventory system for its...
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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 $395. Transactions for this item during April were as follows:
April
9
Purchased
40
units @
$415
per unit
14
Sold
80
units @
$620
per unit
23
Purchased
20
units @
$420
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.
a.
Weighted Average
Ending Inventory
Answer
Cost of goods Sold
Answer
b.
First-in, First-out:
Ending Inventory
Answer
Cost of Goods Sold:
Answer
c.
Last-in, first-out:
Ending Inventory
Answer
Cost of Goods Sold:
Answer
Answer & Explanation
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