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 invento 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 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 $ Cost of goods Sold $ b. First-in, First-out: Ending Inventory $ Cost of Goods Sold: $ c. Last-in, first-out: Ending Inventory 0 0 0 0

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 invento 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 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 $ Cost of goods Sold $ b. First-in, First-out: Ending Inventory $ Cost of Goods Sold: $ c. Last-in, first-out: Ending Inventory 0 0 0 0

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Description: 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 consistedof 120 units with a unit cost of $395. Tran

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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