Problem: 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.