Chapter 6 Exercises- Module 4 – Accounting 101Inventory Costing Methods—Perpetual Method Fortune Stores uses the perpetual inventory system for its merchandise inventory. The April 1 inventory for one of the items in the merchandise inventory consisted of 120 units with a unit cost of $330. Transactions for this item during April were as follows:April 9 Purchased 40 units @ $345 per unit 14 Sold 80 units @ $550 per unit 23 Purchased 20 units @ $350 per unit 29 Sold 40 [email protected] $550 per unitRequireda. Calculate the cost of goods sold and the ending inventory cost for the month of April using the weighted-average cost method. Do not round until your final answers. Round your final answers to the nearest dollar.b. Calculate the cost of goods sold and the ending inventory cost for the month of April using the first-in, first-out method.c. Calculate the cost of goods sold and the ending inventory cost for the month of April using the last-in, first-out method.a. Weighted Average Ending Inventory $ Cost of goods Sold $ b. First-in, First-out: Ending Inventory $ Cost of Goods Sold: $ c. Last-in, first-out: Ending Inventory $ Cost of Goods Sold: $
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