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.
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May 1 Purchased 500 units @ $25.00 each
4 Purchased 300 units @ $24.00 each
6 Sold 400 units @ $38.00 each
8 Purchased 700 units @ $23.00 each
13 Sold 450 units @ $37.50 each
20 Purchased 250 units @ $25.25 each
22 Sold 275 units @ $36.00 each
27 Sold 300 units @ $37.00 each
28 Purchased 550 units @ $26.00 each
30 Sold 100 units @ $39.00 each
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Calculate total sales, cost of goods 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)