Question

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 310 units @ $30 per unit

12 Purchased 260 units @ $35 per unit

16 Sold 340 units @

24 Purchased 160 units @ $36 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

Answer 1

answered by: anonymous