10A. Resourceful Books has the following transactions in August related to merch

Question

10A. Resourceful Books has the following transactions in August related to merchandise inventory (Click the loon to view the transactions a. Detemine the cost of goods sold and ending merchandise inventery using the FiFO inventory costing method assuming Resourceful Books uses the periodic inventory system b. Determine the cost of goods sold and ending merchandise inventory using the LIFO inventory oosting method assuming Resouroeful Books uses the perlodic inventory system e. Determine the cost of goods sold and ending merchandise inventory using the weighted-aiverage inventory costing method assuming Resourcerul Books uses the periodic inventory system b and e.Detormine e cost of goods sold and enhandise uses the periodic inventory system. (Round weighted average cost per unit to the nearest oent and all other amounts to the nearest dolar) inventory uaing tre ()F FIFO IFO Weighted-Average Less Cost of goods sold

Explanation / Answer

a b c FIFO LIFO Weighted Average Begnng Merchandise inventory 315 315 315 Plus: Purchases 446 446 446 Total Goods Avaiable for sale 761 761 761 Less: Ending Mechandise Inventory 226 210 217 Cost of Goods Sold 535 551 544 FIFO Method Cost of Goods Sold Ending Inventory Date Quantity Rate Amount Quantity Quantity Rate Amount Aug 1 Beginning Merchandise invetory 15 21 315 Aug 3 Sales 8 Aug 12 Purchases 14 22 308 Aug 15 Sales 10 Aug 20 Purchases 6 23 138 Aug 28 Sales 7 Total 35 21.74 761 25 Aug 31 Ending Merchandise invetory 10 22.6 226 (6*23)+(4*22) LIFO Method Cost of Goods Sold Ending Inventory Date Quantity Rate Amount Quantity Quantity Rate Amount Aug 1 Beginning Merchandise invetory 15 21 315 Aug 3 Sales 8 Aug 12 Purchases 14 22 308 Aug 15 Sales 10 Aug 20 Purchases 6 23 138 Aug 28 Sales 7 Total 35 21.74 761 25 Aug 31 Ending Merchandise invetory 10 21 210 (10*21) Weighted Average Method Cost of Goods Sold Ending Inventory Date Quantity Rate Amount Quantity Quantity Rate Amount Aug 1 Beginning Merchandise invetory 15 21 315 Aug 3 Sales 8 Aug 12 Purchases 14 22 308 Aug 15 Sales 10 Aug 20 Purchases 6 23 138 Aug 28 Sales 7 Total 35 21.74 761 25 Aug 31 Ending Merchandise invetory 10 21.74 217 (10*21.74)

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