Franklin Discount Store (FDS) made the following merchandise purchases and sales during the month of...
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Accounting
Franklin Discount Store (FDS) made the following merchandise purchases and sales
during the month of May:
M
a
y
1
p
u
r
c
h
a
s
e
d
3
8
0
u
n
i
t
s
a
t
$
1
5
e
a
c
h
M
a
y
5
p
u
r
c
h
a
s
e
d
2
7
0
u
n
i
t
s
a
t
$
1
7
e
a
c
h
M
a
y
1
0
s
o
l
d
4
0
0
u
n
i
t
s
a
t
$
5
0
e
a
c
h
M
a
y
2
0
p
u
r
c
h
a
s
e
d
3
0
0
u
n
i
t
s
a
t
$
2
2
e
a
c
h
M
a
y
2
5
s
o
l
d
4
0
0
u
n
i
t
s
a
t
$
5
0
e
a
c
h
(1) There was no beginning inventory and the company uses the periodic inventory
system. Compute sales, cost of goods sold and gross profit for FDS assuming:
(a) The FIFO method
(b) The Weighted Average method
(c) The LIFO method
(2) Assume the company uses the perpetual inventory system, compute the sales, cost of
goods sold and gross profit under the FIFO, Moving Average and LIFO methods.
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