Chapter 6 Accounting for Inventory Inventory Costing Methods-Periodic Method Merritt Company uses the periodic inventory sys- Lo2 tem. The following May data are for an item in Merritt's inventory: May 1 Beginning inventory, 150 units e$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 method. Round your final answers to the near- est dollar