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

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Accounting

Klutznik Manufacturing uses a periodic inventory system and has the following transactions for the month of June 2024:
Date Transactions Units Unit Cost Total Cost
June 1 Beginning inventory 16 $250 $4,000
June 7 Sale 11
June 12 Purchase 102402,400
June 15 Sale 12
June 24 Purchase 102302,300
June 27 Sale 8
June 29 Purchase 102202,200
$10,900
Required:
1. Calculate ending inventory and cost of goods sold at June 30, using the specific identification method. The June 7 sale consists of units from beginning inventory, the June 15 sale consists of three units from beginning inventory and nine units from the June 12 purchase, and the June 27 sale consists of one unit from beginning inventory and seven units from the June 24 purchase.
2. Using FIFO, calculate ending inventory and cost of goods sold at June 30.
3. Using LIFO, calculate ending inventory and cost of goods sold at June 30.
4. Using weighted-average cost, calculate ending inventory and cost of goods sold at June 30.

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