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Inventory Costing Methods - Periodic Method Fortune Stores uses the periodic inventory system for its...

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Question

Accounting

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 consisted 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 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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