Question

Requirements: Complete the following for the month for each inventory costing method assuming a periodic inventory system. (For weighted average calculations, round per unit costs to the nearest cent and all other amounts to the nearest dollar.) 1 More Info Requirement 1. FIFO Requirement 2. LIFO Requirement 3. Weighted Average Sales Revenue Jun. Cost of Goods Sold 1 Beginning merchandise inventory 12 Purchase Gross Profit 20 Sale 24 Purchase 29 Sale 26 units @ 3 units @ 13 units @ 10 units @ 20 units @ $ $ $ $ $ 16 each 18 each 35 each 20 each 35 each Print Done

Answer 1

L Sales Revneue ( 33*35) Cost of Goods sold Gross Profit FIFO 1155 550 605 LIFO 1155 574 581 Weighted Average 1155 567 588 Periodic : FIFO Goods Purchasd Cost of Goods Sold Inventory Balance Cost Per Ending Unit Inventory 16 cost of Goods # of Units Cost of Goods # of Units Cost Per Unit Available for sales sold Cost Per Unit Sold # of Units Beginning inventory 26 16 416 26 16 416 0 Purchases Jun-033 1 8 54 3 1854 Jun-10 10 20 200 4 20 80 6 Totals 39 670 33 550 0 180 20 120 120

Periodic : LIFO Goods Purchasd Cost of Goods Sold Inventory Balance 33 cost of Goods # of Units Cost of Cost Per Ending # of Units Cost Per Unit Available for sales sold Cost Per Unit Goods Sold # of Units Unit Inventory Beginning inventory 26 16 416 20 16 320 16 96 Purchases Jun-03 543 18 54 Jun-10 10 20 200 10 20 200 020 Totals 39. 670 574 961 Periodic : Weighted Average Goods Purchasd Cost of Goods Sold Inventory Balance cost of Goods Cost of Units # of Units Cost Per Unit Cost Per Ending Available for sales Cost Per Unit Goods Sold # of Units Unit Inventory sold Beginning inventory 26 16 416 Purchases Jun-033 54 Jun-10 10 20 200 Totals 39 1 7.18 670 33 17.18 567 6 17.180 103 # of 18