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The periodic inventory records of ABC Company indicate the following for the month of June: 7 units @ $60 each 5 units @ $67 each 10 units @ $70 each 5 units @ $85 each June 1 Beginning merchandise inventory 8 Purchase 15 Purchase 26 Purchase At June 30, ABC Company had five units of inventory on hand a) Compute the ending merchandise inventory and the cost of goods using the FIFO method under a periodic system. b) Compute the ending merchandise inventory and the cost of goods sold using the LIFO method under a periodic system. c) Compute the ending merchandise inventory and the cost of goods sold using the weighted average method under a periodic system.

The periodic inventory records of ABC Company indicate the following for the month of June: \begin{tabular}{rll} June 1 & Beginning merchandise inventory & 7 units @ $60 each \\ 8 & Purchase & 5 units 967 each \\ 15 & Purchase & 10 units 9570 each \\ 26 & Purchase & 5 units @$85 each \end{tabular} At June 30,ABC Company had five units of inventory on hand a) Compute the ending merchandise inventory and the cost of goods using the FIFO method under a periodic system. b) Compute the ending merchandise inventory and the cost of goods sold using the LIFO method under a periodic system. c) Compute the ending merchandise inventory and the cost of goods sold using the weighted average method under a periodic system

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