Solution-Calculate the cost of goods sold

Calculate the cost of goods sold

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Problem -

Inventory Costing Methods-Perpetual Method Fortune Stores uses the perpetual 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 $330. Transactions for this item during April were as follows:

April9Purchased40units @$345 per unit 14Sold80units @$550 per unit 23Purchased20units @$350 per unit 29Sold40units@$550 per unit

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.

Reference no: EM131579684

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Calculate the cost of goods sold

Reference no: EM131579684

Reference no: EM131579684

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