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Sales Activity Units Unit Cost prie Total Beginning Inventory 100 $10 $1,000 Purchase (April 3) 50 $12 $600 Sale (April 10) 80 $30 $2400 Purchase (April 18) 40 $560 Purchase (April 23) 60 60 $15 $900 Sale (April 28) 120 $30 $3600 Assuming Smitty uses a periodic LIFO cost flow system, the cost of goods sold for April would be: $2,560 $750 $500 $2,310 Activity Units Unit Cost Total Beginning Inventory 50 $5 $250 Purchase (June 10 $8 $80 Purchase (June 30 $210 15) Sale (June 20) 40 $1800 Sale (June 25) 20 $45 $900 Purchase (June 30) $ 10 $100 Assuming Big John's uses a periodic weighted average cost flow system, the cost of goods sold for June would be: $384 $280 $256 $360 Toulouse Co. began the month of November with 150 baubles on hand at a cost of $4.00 each. These baubles sell for $7.00 each. The following schedule presents the sales and purchases of this item during the month of November. Purchases Date of Transaction Quantity Received Unit Cost Units Sold November 5 100 November 7 200 $4.20 November 9 150 November 11 200 $4.40 November 17 220 November 22 250 $4.80 November 29 100 If Toulouse uses weighted average inventory pricing, the gross profit for November will be $1,482 $1,046 $1,516 $1,526 Toulouse Co. began the month of November with 150 baubles on hand at a cost of $4.00 each. These baubles sell for $7.00 each. The following schedule presents the sales and purchases of this item during the month of November Purchases Date of Transaction Quantity Received Unit Cost Units Sold November 5 100 November 7 200 $4.20 November 9 150 November 11 200 $4.40 November 17 220 November 22 250 $4.80 November 29 100 If Toulouse uses periodic LIFO inventory pricing, the cost of goods sold for November will be $2,584 $2,474 $2,444 $2,416

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