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 goods sold, gross profit, and ending inventory using each of the following inventory methods: 1. FIFO Perpetual 2. FIFO Periodic 3. LIFO Perpetual
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 @ $39.00 each |
Calculate total sales, cost of goods sold, gross profit, and ending inventory using each of the following inventory methods:
1. FIFO Perpetual
2. FIFO Periodic
3. LIFO Perpetual
4. LIFO Periodic
5. Average Cost Periodic
Round your final answers to two decimal places. In your computations, round the average cost per unit to two decimal places.
3. LIFO Perpetual$fill in the blank 9$fill in the blank 10$fill in the blank 11
4. LIFO Periodic$fill in the blank 12$fill in the blank 13$fill in the blank 14
5. Average Cost Periodic$fill in the blank 15$fill in the blank 16$fill in the blank 17
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