Inventory Costing Methods Merritt Company uses the periodic inventory system. The following May data...
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Accounting
Inventory Costing Methods
Merritt Company uses the periodic inventory system. The following May data are for an item in Merritts inventory:
| 1-May | Beginning inventory | 150 | units @ | $105 | per unit. |
| 12 | Purchased | 100 | units @ | $123 | per unit. |
| 16 | Sold | 180 | units @ | ||
| 24 | Purchased | 160 | units @ | $126 | per unit. |
Calculate the cost of goods sold for May and ending inventory at May 31 using (a) first-in, first-out, (b) last-in, first-out, and (c) the weighted-average cost method. Round your final answers to the nearest dollar.
| Cost of goods sold | Ending inventory | |
|---|---|---|
| a. FIFO | Answer
| Answer
|
| b. LIFO | Answer
| Answer
|
| c. Weighted average | Answer
| Answer
|
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