Inventory Costing MethodsPeriodic Method
Merritt Company uses the periodic inventory system. The following May data are for an item in Merritt's inventory:
tableMay Beginning inventory,units @$per unitPurchased,units @$per unitSold,units.,,Purchased,units @$per unit
Calculate the cost of goods sold for May and ending inventory at May using a firstin firstout, b lastin firstout, and c the weightedaverage cost methods. Do not round until your final answers. Round your final answers to the nearest dollar.
tableAFirstin Firstout:,Ending Inventory,$
