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 130 units with a unit cost of $335. Transactions for this item during April were as follows: April 9 Purchased 40 units @ $355 per unit 14 Sold 80 units @ 560 per unit 23 Purchased 20 units @ 360 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.
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 130 units with a unit cost of $335. Transactions for this item during April were as follows:
| April | 9 | Purchased | 40 | units @ | $355 per unit |
| 14 | Sold | 80 | units @ | 560 per unit | |
| 23 | Purchased | 20 | units @ | 360 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.
Trending now
This is a popular solution!
Learn your way
Includes step-by-step video
Step by step
Solved in 4 steps with 3 images
