Brutus Corporation,a newly formed corporation,has the following transactions during May,its first month of operations.May 1 Purchased 500 units @ $25.00 each.4 Purchased 300 units @ $24.00 each.6 Sold 400 units @ $38.00 each.8 Purchased 700 units @ $23.00 each.13 Sold 450 units @ $37.50 each.20 Purchased 250 units @ $25.25 each.22 Sold 275 units @ $36.00 each.27 Sold 300 units @ $37.00 each.28 Purchased 550 units @ $26.00 each.30 Sold 100 units @ $39.00 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)

Question

Brutus Corporation,a newly formed corporation,has the following transactions during May,its first month of operations.​May 1 Purchased 500 units @ $25.00 each.4 Purchased 300 units @ $24.00 each.6 Sold 400 units @ $38.00 each.8 Purchased 700 units @ $23.00 each.13 Sold 450 units @ $37.50 each.20 Purchased 250 units @ $25.25 each.22 Sold 275 units @ $36.00 each.27 Sold 300 units @ $37.00 each.28 Purchased 550 units @ $26.00 each.30 Sold 100 units @ $39.00 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)

Quizplus · Accepted Answer

The Answer of Brutus Corporation,a newly formed corporation,has the following transactions during May,its first month of operations.​May 1 Purchased 500 units @ $25.00 each.4 Purchased 300 units @ $24.00 each.6 Sold 400 units @ $38.00 each.8 Purchased 700 units @ $23.00 each.13 Sold 450 units @ $37.50 each.20 Purchased 250 units @ $25.25 each.22 Sold 275 units @ $36.00 each.27 Sold 300 units @ $37.00 each.28 Purchased 550 units @ $26.00 each.30 Sold 100 units @ $39.00 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)

Brutus Corporation,a Newly Formed Corporation,has the Following Transactions During May,its