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E6A-26 Comparing ending merchandise inventory, cost of goods sold, and gross profit using the periodic inventory system—FIFO, LIFO, and weighted- average methods Assume that Heavenly Coffee Shop completed the following periodic inventory transactions for a line of merchandise inventory: Jun. 1 Beginning merchandise inventory ...... 19 units @ $ 27 each 12 Purchase ................ 7 units @ $ 28 each 20 Sale ................... 11 units @ $ 39 each 24 Purchase ................ 14 units @ $ 29 each 29 Sale ................... 21 units @ $ 39 each 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.
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