Inventory Costing Methods-Perpetual Method Fortune Stores uses the perpetual 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 $375. Transactions for this item during April were as follows: April 9 Purchased 40 units @ $395 per unit   14 Sold 80 units @ 600 per unit   23 Purchased 20 units @ 400 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

FINANCIAL ACCOUNTING
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Chapter1: Financial Statements And Business Decisions
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Inventory Costing Methods-Perpetual Method Fortune Stores uses the perpetual 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 $375. Transactions for this item during April were as follows:

April 9 Purchased 40 units @ $395 per unit
  14 Sold 80 units @ 600 per unit
  23 Purchased 20 units @ 400 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
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