Brutus Corporation, a newly formed corporation, has the following transactions during May, its first month of operations.?? May 1 Purchased 500 units each.
4 Purchased 300 units each.
6 Sold 400 units each.
8 Purchased 700 units each.
13 Sold 450 units each.
20 Purchased 250 units each.
22 Sold 275 units each.
27 Sold 300 units each.
28 Purchased 550 units each.
30 Sold 100 units each. Calculate total sales, cost of merchandise sold, gross profit, and ending inventory using each of the following inventory methods:
1. FIFO perpetual
2. FIFO periodic
3. LIFO perpetual
4. LIFO periodic
5. Average cost periodic
(round average to nearest cent)
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