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

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Accounting

Inventory Costing Methods-Periodic Method
Merritt Company uses the periodic inventory system. The followingMay data are for an item in Merritt's inventory:
May 1 Beginning inventory 164 units @ $30 per unit
12 Purchased 140 units @ $35 per unit
16 Sold 220 units @
24 Purchased 300 units @ $36 per unit
Calculate the cost of goods sold for May and ending inventory atMay 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 answersto the nearest dollar.
A. First-in, First-out:
Ending Inventory $
Cost of Goods Sold: $
B. Last-in, first-out:
Ending Inventory $
Cost of Goods Sold: $
C. Weighted-average cost:
Ending Inventory $
Cost of Goods Sold $

Answer & Explanation Solved by verified expert

3.7 Ratings (528 Votes)

Part A Total units available may 1 beginning inventory may 12 purchase may 24 purchase 164140300 604 units Units sold on may 220 Ending inventory in units total units available units sold 604220 See Answer

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May	1	Beginning inventory	164	units @	$30	per unit
	12	Purchased	140	units @	$35	per unit
	16	Sold	220	units @
	24	Purchased	300	units @	$36	per unit

A.	First-in, First-out:
	Ending Inventory	$

	Cost of Goods Sold:	$

B.	Last-in, first-out:
	Ending Inventory	$

	Cost of Goods Sold:	$

C.	Weighted-average cost:

	Ending Inventory	$
	Cost of Goods Sold	$