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 |
units@ |
$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.