06-15 Comparing inventory methods Super Mart, a regional convenience store chain, maintains milk inventory by the gallon. The first month's milk purchases and sales at its Freeport, Florida, location follow: Nov.2 Purchased 11 gallons @ $2.15 each 6 Purchased 2 gallons @ $2.80 each 8 Sold 6 gallons of milk to a customer 13 Purchased 3 gallons @ $2.85 each 14 Sold 4 gallons of milk to a customer Requirements 1. Determine the amount that would be reported in ending merchandise inventory on November 15 using the FIFO inventory costing method. 2. Determine the amount that would be reported in ending merchandise inventory on November 15 using the LIFO inventory costing method. 3. Determine the amount that would be reported in ending merchandise inventory on November 15 using the weighted average inventory costing method. Round all amounts to the nearest cent. Perpetual Inventory Records FIFO Cost of Goods Sold Inventory on Hand Date Quantity Cost Total Cost O nity Cost Total Cost I Quantity Cost Total Cost Perpetual Inventory Record: LIFO Purchases Cost of Goods Inventory on Hand Quantity Cost Date Now 2 Total Cost Quality Cost Total Cost Quantity Cost Total Cost Perpetual Inventory Record: Weighted-Average Purchases Unit Cost Cost of Goods Sold Unit Total Cost Quantity Cost Total Cost Inventory on Hand Unit Quantity Cost Total Cost Quantity 2 Totals