Transaction Units Per Unit Total
Apr 3- Inventory 25 $1200 $30000
Apr 8- Purchase 75 1240 93000
Apr 11- Sale 40 2000 80000
Apr 30- Sale 30 2000 60000
May 8- Purchase 60 1260 75600
May 10- Sale 50 2000 100000
May 19- Sale 20 2000 40000
May 28- Purchase 80 1260 100000
June 5- Sale 40 2250 90000
June 16- Sale 25 2250 56250
June 21- Purchase 35 1264 44240
June 28- Sale 44 2250 99000
Required:
1. Determine the inventory on June 30, 2014, and the cost of goods sold for the three-month period, using the first-in, first-out method and the periodic inventory system.
| Merchandise inventory, June 30, 2014 | $ |
| Cost of merchandise sold | $ |
2. Determine the inventory on June 30, 2014, and the cost of goods sold for the three-month period, using the last-in, first-out method and the periodic inventory system.
| Merchandise inventory, June 30, 2014 | $ |
| Cost of merchandise sold | $ |
3. Determine the inventory on June 30, 2014, and the cost of goods sold for the three-month period, using the weighted average cost method and the periodic inventory system. Round the weighted average unit cost to the nearest cent and final answers to the nearest dollar.
| Merchandise inventory, June 30, 2014 | $ |
| Cost of merchandise sold | $ |
4. Compare the gross profit and June 30, 2014, inventories using the following column headings. Enter all amounts as positive numbers.
Weighted Average Cost
FIFO FIFO Sales $ $ $ Cost of merchandise sold Gross profit $ $ $ Inventory, June 30, 2014 $ $ $
ScholarMatic: Explanation & Answer
Your ready answer from a verified tutor is just a click away for as little as $14.99
Click Order Now to get 100% Original Answer Customized to your instructions!
