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Problem - Unique Books has the following transactions in August related to merchandise inventory.

Aug. 1 - Beginning merchandise inventory, 13 books @ $14 each

Aug. 3 - Sold 6 books @ $19 each

Aug. 12 - Purchased 12 books @ $17 each

Aug. 15 - Sold 10 books @ $19 each

Aug. 20 - Purchases 4 books @ $19 each

Aug. 28 - Sold 8 books @ $20 each

a. Determine the cost of goods sold and ending merchandise inventory using the FIFO inventory costing method assuming Unique Books uses the periodic inventory system.

b. Determine the cost of goods sold and ending merchandise inventory using the LIFO inventory costing method assuming Unique Books uses the periodic inventory system.

c. Determine the cost of goods sold and ending merchandise inventory using the weighted-average inventory costing method assuming Unique Books uses the periodic inventory system.

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  • Category:- Accounting Basics
  • Reference No.:- M92580294
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