Chapter 6, Problem E6A.26E

Comparing ending merchandise inventory, cost of goods sold, and gross profit using the periodic inventory system-FIFO, LIFO, and weighted-average methods.

Learning Objective 7 Appendix 6A
2: COGS $513
Assume that Jump Coffee Stop completed the following period, inventory transactions for a lie of merchandise inventory:

Jun. 1 	Beginning merchandise inventory 	17 units @  $ 15 each 
       12   Purchase			 	 5  units  @  $ 19 each 
       20 Sale					 l4 units @  $ 37each 
       24 Purchase 				11 units @  $ 23 each 
        29 Sale					 l3 units  @  $ 37each 

Requirements
1. Compute ending merchandise inventory, cost of goods sold and gross profit using the FIFO inventory costing method.
2. Compute ending merchandise inventory, cost of goods sold and gross profit using the LIFO inventory costing method.
3. Compute ending merchandise inventory, cost of goods sold and gross profit using the weighted-average inventory costing method. (Round weighted −average cost per unit to the nearest cent and all other amount to the nearest dollar.)