Inventory Costing Methods

Inventory Costing Methods – Periodic Method Fortune Stores uses the periodic inventory systemfor its merchandise inventory. The April 1 inventory for one of the items in the merchandise inventoryconsisted of up units with a unit cost of $3?5. Transactions for this item during April were as follows: April 9 Purchased 4D units @ $395 per unit 14 Sold 30 units E! $5M per unit23 Purchased 2D units @ $400 per unit 29 Sold 4D u nits Required a. Calculate the cost of goods sold and the ending inventory cost for the month of April using theweighted—average cost method. Do not round until your final answers. Round your final answers tothe 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. firstout method.

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