Assume that Laurence Coffee Shop completed the following periodic inventory transactions for a line of merchandise inventory:

Requirements 

1. Compute ending merchandise inventory, cost of goods sold, and gross profit using the FIFO inventory costing method.
2. Compute ending merchandise inventory, cost of goods sold, and gross profit using the LIFO inventory costing method.
3. Compute ending merchandise inventory, cost of goods sold, and gross profit using the weighted-average inventory costing method. (Round weighted-average cost per unit to the nearest cent and all other amounts to the nearest dollar.)

Transcribed Image Text:

Jun. 1 Beginning merchandise inventory 20 units @ $20 each 12 Purchase 6 units @ $ 22 each 14 units @ $35 each 20 Sale 24 Purchase 29 Sale 16 units @ $ 24 each 20 units @ $35 each