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Jun. 1 Beginning merchandise inventory 12 Purchase 20 Sale 24 Purchase 29 Sale 17 units...

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Accounting

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Jun. 1 Beginning merchandise inventory 12 Purchase 20 Sale 24 Purchase 29 Sale 17 units @ 5 units @ 14 units @ 11 units @ 13 units @ $ $ $ $ $ 15 each 19 each 37 each 23 each 37 each 1. Compute ending merchandise inventory, cost of goods sold, and gross profit using the FIFO inventory costing method. 2. Compute ending merchandise inventory, cost of goods sold, and gross profit using the LIFO inventory costing method. 3. Compute ending merchandise inventory, cost of goods sold, and gross profit using the weighted average inventory costing method. (Round weighted- average cost per unit to the nearest cent and all other amounts to the nearest dollar.) 603 Begin by determining ending merchandise inventory and cost of goods sold under each of the three methods. Requirement 1. Requirement 2. Requirement 3. FIFO LIFO Weighted-Average Beginning merchandise inventory Plus: Net purchases Cost of goods available for sale 603 Less: Ending merchandise inventory Cost of goods sold 465 513 Now compute the gross profit under each inventory costing method. Requirement 1. FIFO 999 465 Requirement 2. LIFO 999 Requirement 3. Weighted-Average 999 Sales Revenue 513 493 Cost of Goods Sold Gross Profit 506 534 486

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