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(Solved): Inventory Costing Methods-Perpetual Method; Fortune Stores uses the perpetual inventory system ...
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 comsisted of 130 units with a unit cost of $335. Transactions for this item during April were as follows:
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 answer. 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.
April 9 Purchased 40 units@ \$355 per unit
a. Weighted Average
Expert Answer
Required a. Cost of goods sold and ending inventory cost for the month of April using the weighted-average cost method: Cost of Goods Sold $41,021 End