The following data regarding purchases and sales of a commodity were taken from the related perpetual inventory account:
June 1 Balance 25 units at $60
6 Sale 20 units
8 Purchase 20 units at $61
16 Sale 10 units
20 Purchase 20 units at $62
23 Sale 25 units
30 Purchase 15 units at $63
Required:
1. Calculate the Cost of Merchandise Sold and Ending Inventory using FIFO
2. Calculate the Cost of Merchandise Sold and Ending Inventory using LIFO
3. Calculate the Cost of Merchandise Sold and Ending Inventory using Weighted Average Method