Fit Gym began January with merchandise inventory of 30 bicycles that cost a total of $2,400. During the month, Fit Gym purchased and sold merchandise on account as shown below:
Jan 1
Beginning
Inventory
of Units Unit Cost Sale Price Und
30
80
18
Purchase
26
Sale
50
90
120
Requirements
1. Using the FIFO inventory costing method to determine the company's cost of goods sold, ending merchandise inventory, and gross profit.
2. Using the LIFO inventory costing method to determine the company's cost of goods sold, ending merchandise inventory, and gross profit.
3. Using the weighted-average inventory costing method, and determine the company's cost of goods sold, ending merchandise inventory, and gross profit.