Required: Determine the ending inventory, cost of goods sold, and gross profit using the following cost

allocation method:
a. Periodic FIFO Sales: 351,000
600 × 150= 90,000 Less: Cost 370,000
Ending Inventory -150,000 Gross Profit: 131,000
b. Perpetual FIFO
Purchases Sales Balance
Units Unit Cost Total Cost Units Unit Cost Total Cost Units
1,000 100 100,000 1,000
900 150 135,000 100
1,500 120 180,000 1,500
100 100 10,000
1,100 120 132,000 400
600 150 90,000 600

Sales: 351,000
Less: Cost 232,000
Gross Profit 119,000

c. Simple Average
100 + 120 + 150 ÷ (3 × 1,000) = 123,333.33 Sales: 351,000
Less: Cost 370,000
Ending Inventory -123,333.33
Gross Profit: 104,333.33
wing cost allocation method: Sales:
d. Weighted Average Less: Cost
370,000 ÷ 31,000 × 1,000= 119,354.84 Ending Inventory
Gross Profit: 131,000 Gross Profit:
e. Moving Average
Balance Purchases Sales
Unit Cost Total Cost Units Unit Cost Total Cost Units Unit Cost
100 100,000 1,000 100 100,000
100 10,000 900 100
120 180,000
1,500 120 180,000
120 48,000 1,200 118.75
150 90,000
138,000 600 150 370,000

Sales: 351,000
Less: Cost 232,500
Ending Inventory 118,500
Weighted Average 250,635
 351,000
370,000
-119,355.00
100,355.00

Sales Balance
Total Cost Units Unit Cost Total Cost
1,000 100 100,000
90,000
100 100 10,000
1,600 118.75 190,000
142,500
400 118.75 47,500
1,000 137.5 137,500