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  3. part 2 of 6 eted the following periodic inventor

Part 2 of 6 eted the following periodic inventory transactions for a line...

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Accounting

Part 2 of 6
eted the following periodic inventory transactions for a line of merchandise inventory: dions.)
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Jun. 1 Beginning merchandise inventory
Jun. 12 Purchase
Jun. 20 Sale
Jun. 24 Purchase
Jun. 29 Sale
27 units @ $22 each
5 units@$26each
14 units@$35 each
16 units@$27 each
19 units@$35 each
Assume that Java Coffee Shop completed the following periodic inventory transactions for a line of merchandise inventory:
(Click the icon to view the transactions.)
Read the requirements.
Requirements 1.,2., and 3. Compute ending merchandise inventory, cost of goods sold, and gross profit using the (1) FIFO inventory costing method, (2) LIFO inventory costing method, and (3) weightedaverage inventory costing method. (Round weighted-average cost per unit to the nearest cent and all other amounts to the nearest dollar.)
Begin by determining ending merchandise inventory and cost of goods sold under each of the three methods.
\table[[,,\table[[Requirement 1.],[FIFO]],\table[[Requirement 2.],[LIFO]]],[Beginning merchandise inventory,$,594,],[Plus:,Net cost of inventory purchased,,562,],[Cost of goods available for sale,,1,156||,],[Less:,Ending merchandise inventory,,(405),],[Cost of goods sold,$,751.,]]
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