Question: Problem #4 SUMMIT INC. Units Unit Cost 3 $18.00 $ 54.00 1-Apr Beg Inventory 4-Apr Purchase 8 $17.25 $138.00 6-Apr Purchase 5 $16.00 $ 80.00

Problem #4 SUMMIT INC. Units Unit Cost 3 $18.00 $ 54.00

Problem #4 SUMMIT INC. Units Unit Cost 3 $18.00 $ 54.00 1-Apr Beg Inventory 4-Apr Purchase 8 $17.25 $138.00 6-Apr Purchase 5 $16.00 $ 80.00 7-Apr Sales of 9 units at a selling price of $26 each Required: Summit uses the perpetual inventory system. Determine the costs assigned to April 30 ending inventory and calculate CGS for the month under each of the following 3 cost methods: CGS END INV. FIFO LIFO WEIGHTED AVERAGE

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