Question

Assume that Jump 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) weighted average 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 Requirement 1. Requirement 2. Requirement 3. FIFO LIFO Weighted Average Plus Less: Cost of goods sold Now compute the gross profit under each inventory costing method Requirement 1. Requirement 2. FIFO LIFO Requirement 3. Weighted Average Choose from any list or enter any number in the input fields and then continue to the next question Save for Later 11:59pm

Answer 1

Jump Coffee Shop FIFO Periodic Sales Units Unit Cost Total Cost 255 17 Units 14 Date Jun-01 Jun-12 Jun-24 Date Jun-20 Jun-29 Selling Price Total Sales 518 481 999 95 13 27 253 603 -138 465 Clo. Stk COGS Sales COGS Gross Profit FIFO 999 -465 534 LIFO 999 -513 486 Weighted Average 999 -493 506 Closing Stock = 33 - 14 - 13 = 6 Date Units Unit Cost Total Cost Jun-24 6 23 138 LIFO Periodic Units Date Jun-01 Jun-12 Jun-24 Unit Cost Total Cost 15255 95 23 253 19 11 603 Clo. Stk -90 513 COGS Closing Stock = 33 - 14 - 13 = 6 Date Units Unit Cost Total Cost Jun-01 6 15 90 Weighted Average Units 17 Date Jun-01 Jun-12 Jun-24 Unit Cost Total Cost 15 255 19 95 23 253 18.27 603 -110 COGS 493 Clo. Stk 27 Closing Stock = 33 - 14 - 13 = 6 Date Units Unit Cost Total Cost Jun-01 6 18.27 110