Brutus Corporation, a Newly Formed Corporation, Has the Following Transactions

Essay

Brutus Corporation, a newly formed corporation, has the following transactions during May, its first month of operations. Calculate total sales, cost of merchandise sold, gross profit, and ending inventory using each of the following inventory methods:
1. FIFO perpetual
2. FIFO periodic
3. LIFO perpetual
4. LIFO periodic
5. Average cost periodic round average to nearest cent)