Assume that

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Coffee Shop completed the following periodic inventory transactions for a line of merchandise inventory:

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Requirements 1., 2., and 3. Compute ending merchandise inventory, cost of goods sold, and gross profit using the (1) FIFO inventory costing method, (2) LIFO inventory costing method, and (3) weighted-average inventory costing method. (Round weighted-average cost per unit to the nearest cent and all other amounts to the nearest dollar.)

Begin by determining ending merchandise inventory and cost of goods sold under each of the three methods.

		Requirement 1.
		FIFO
Plus:
Less:
Cost of goods sold

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Jun. 1	Beginning merchandise inventory	17 units @ $15 each
Jun. 12	Purchase	5 units @ $19 each
Jun. 20	Sale	14 units @ $37 each
Jun. 24	Purchase	11 units @ $23 each
Jun. 29	Sale	13 units @ $37 each