Three identical units of merchandise were purchased during July, as follows: Date Product Basic H Units Cost July 3 Purchase 1 $16     10 Purchase 1   19     24 Purchase 1   22   Total 3 $57   Average cost per unit   $19 Assume one unit sells on July 28 for $29. Determine the gross profit, cost of goods sold, and ending inventory on July 31 using the (a) first-in, first-out, (b) last-in, first-out, and (c) weighted average cost flow methods. Line Item Description Gross Profit Cost of Goods Sold Ending Inventory a. First-in, first-out $fill in the blank 1 $fill in the blank 2 $fill in the blank 3 b. Last-in, first-out $fill in the blank 4 $fill in the blank 5 $fill in the blank 6 c. Weighted average $fill in the blank 7 $fill in the blank 8 $fill in the blank 9

Ch 9 Problem Set B Problem 9-1 Part B The company uses the perpetual inventory method. It began the month of March with 100 units of inventory, at a unit cost of $55. Purchases during March March 5, 60 units at $60 each. March 18, 200 units at $65 each March 29, 40 units at $75 each. Sales during March March 12, 60 units. March 25, 210 units. All units were sold to customer for $100 each. 1. Use the following format to set up this inventory costing problem, as shown in Video #2. Inventory Date Units Cost per Total Cost Date Units Total Cost Unit Beg Balance Units Cost Beginning Balance + Purchases Goods Available for Sale - Sold Ending Balance

During June, the following changes in inventory took place. DATE June 1 June 14 June 24 DATE June 8 June 10 June 29 EVENT Beginning Balance Purchase Purchase TOTAL AVAILABLE FOR SALE EVENT Sale Sale Sale TOTAL SALES UNITS 1,400 800 800 3,000 UNITS 400 1,000 600 2,000 COST PER UNIT $24 $36 $30 SELLING PRICE $50 $40 $54 TOTAL COST For the month of June, calculate the: (1) Cost of good sold (in $) under the perpetual FIFO method. Answer is (2) Ending inventory (in $) under the perpetual LIFO method. Answer is (3) Gross Profit (in $) under the periodic weighted-average. Answer is $33,600 $28,800 $24,000 $86,400 TOTAL SALES $20,000 $40,000 $32,400 $92,400

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