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Inventory Costing Methods-Periodic Method Merritt Company uses the periodic inventory system. The following May data...

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Accounting

Inventory Costing Methods-Periodic Method Merritt Company uses the periodic inventory system. The following May data are for an item in Merritt's inventory:

May 1 Beginning inventory 150 units @ $30 per unit
12 Purchased 100 units @ $35 per unit
16 Sold 180 units.
24 Purchased 170 units @ $38 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 methods.

Do not round until your final answers. Round your final answers to the nearest dollar.

A. First-in, First-out:
Ending Inventory $Answer
Cost of Goods Sold: $Answer
B. Last-in, first-out:
Ending Inventory $Answer
Cost of Goods Sold: $Answer
C. Weighted-average cost:
Ending Inventory $Answer
Cost of Goods Sold $Answer

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