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Chapter 6 Exercises- Module 4 – Accounting 101

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:

April      9            Purchased   40  units @                $345 per unit

              14          Sold             80  units @                $550 per unit

              23          Purchased   20  units @                $350 per unit

              29          Sold             40  [email protected]                $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.

a.           Weighted Average           

              Ending Inventory             $

              Cost of goods Sold          $

b.           First-in, First-out:             

              Ending Inventory             $

              Cost of Goods Sold:        $

c.            Last-in, first-out:               

              Ending Inventory             $

              Cost of Goods Sold:        $