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Giles Manufacturing uses a periodic inventory system and has the following transactions for the month...

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Accounting

Giles Manufacturing uses a periodic inventory system and has the following transactions for the month of June 2018:

Date Transactions Units Cost per Unit Total Cost
June 1 Beginning inventory 17 $240 $ 4,080
June 7 Sale 12
June 12 Purchase 13 230 2,990
June 15 Sale 11
June 24 Purchase 14 220 3,080
June 27 Sale 15
June 29 Purchase 8 210 1,680
$11,830

Required:

1. Calculate ending inventory and cost of goods sold at June 30, 2018, using the specific identification method. The June 7 sale consists of beginning inventory, the June 15 sale consists of three units from beginning inventory and eight from the June 12 purchase, and the June 27 sale consists of one unit from beginning inventory and fourteen units from the June 24 purchase. 2. Using FIFO, calculate ending inventory and cost of goods sold at June 30, 2018. 3. Using LIFO, calculate ending inventory and cost of goods sold at June 30, 2018. 4. Using weighted-average cost, calculate ending inventory and cost of goods sold at June 30, 2018. (Do not round your intermediate calculations. Round your answers to the nearest dollar amount.)

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