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  3. makawao corner store has the following purchase an

Makawao Corner Store has the following purchase and sales information for one of their inventory...

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Accounting

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Makawao Corner Store has the following purchase and sales information for one of their inventory items: Date Units $/Unit Total Feb 1 Opening inventory 30 $16 $ 480 Feb 9 Purchase 75 $18 $1,350 Feb 15 Sale 45 $30 $1,350 Feb 17 Purchase 60 $22 $1,320 Feb 25 Sale 30 $32 $ 960 Required: For (a) and (b) assume the company uses the periodic inventory system. (a) Calculate the gross profit (margin) if the company uses first-in, first-out (FIFO) ANSWER (b) Calculate the value of the ending inventory if the company uses weighted average. ANSWER > 3 5

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