Bouchard Inc. uses a periodic inventory system. The following
transactions took place during January 2017. The company sold 200
units during this month at $6 per unit. For specific identification
purposes, items sold were:
100 units of opening inventory
30 units of purchase #3
30 units of purchase #4
40 units of purchase #5

Required: Using the income statement format shown below, calculate gross profit for each of:
1. FIFO
2. Specific identification
3. Weighted average.

Transcribed Image Text:

Units Unit Cost Opening inventory Purchase #1 Purchase #2 Purchase #3 Purchase #4 Purchase #5 100 1 10 1 20 30 3 40 4 50 5