6 25 -35 5-36 6-37 nd cost of goods sold using periodic FIFO, LIFO, and average-cost. E6.7 (LO 2), AP Jeters Company uses a periodic inventory system and reports the following for the mon' June. Date Explanation Units Unit Cost Total Cost June 1 Inventory 120 $5 $ 600 12 Purchase 370 2,220 23 Purchase 200 7 1,400 30 Inventory 230 Instructions a. Compute the cost of the ending inventory and the cost of goods sold under (1) FIFO, (2) LIFO, and (3) average-cost. (Round weighted-average unit cost to three decimal places.) b. Which costing method gives the highest ending inventory? The highest cost of goods sold? Why? c. How do the average-cost values for ending inventory and cost of goods sold relate to ending inventory and cost of goods sold for FIFO and LIFO? d. Explain why the unit cost is not $6 per the average-cost method. Compute inventory under FIFO, LIFO, and average-cost