Brutus Corporation, a Newly Formed Corporation, Has the Following Transactions $@ \$ 25.00$

question 69

Essay

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)

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Definitions:

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