Inventory Costing Methods

Merritt Company uses the periodic inventory system. The following May data are for an item in Merritts inventory:

1-May	Beginning inventory	150	units @	$105	per unit.
12	Purchased	100	units @	$123	per unit.
16	Sold	180	units @
24	Purchased	160	units @	$126	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 nearest dollar.

	Cost of goods sold	Ending inventory
a. FIFO	Answer	Answer
b. LIFO	Answer	Answer
c. Weighted average	Answer	Answer