Inventory Costing Methods Periodic Method The Shiloh Company uses the periodic inventory system for its merchandise inventory The June 1 inventory for one of the items in the merchandise inventory consisted of 60 units with a unit cost of $120 Transactions for this item during June were as follows June 5 Purchased 40 units $130 per unit 13 Sold 50 units $170 per unit 25 Purchased 30 units $132 per unit 29 Sold 20 units $175 per unit Required a Calculate the cost of goods sold and the ending inventory cost for the month of June using the weighted average cost method Round the cost per unit to 3 decimal places and round your final answers to the nearest dollar b Calculate the cost of goods sold and the ending inventory cost for the month of June using the first in, first out method c Calculate the cost of goods sold and the ending inventory cost for the month of June using the last in, first out method a Weighted Average Ending Inventory Answer Cost of goods Sold Answer b First in, First out Ending Inventory Answer Cost of Goods Sold Answer c Last in, first out Ending Inventory Answer Cost of Goods Sold Answer PreviousSave AnswersNext

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Inventory Costing Methods   Periodic Method The Shiloh Company uses the periodic inventory system for its merchandise inventory  The June 1 inventory for one of the items in the merchandise inventory consisted of 60 units with a unit cost of $120  Transactions for this item during June were as follows  June 5 Purchased 40 units   $130 per unit 13 Sold 50 units   $170 per unit 25 Purchased 30 units   $132 per unit 29 Sold 20 units   $175 per unit Required a  Calculate the cost of goods sold and the ending inventory cost for the month of June using the weighted average cost method  Round the cost per unit to 3 decimal places and round your final answers to the nearest dollar  b  Calculate the cost of goods sold and the ending inventory cost for the month of June using the first in, first out method  c  Calculate the cost of goods sold and the ending inventory cost for the month of June using the last in, first out method  a  Weighted Average Ending Inventory Answer Cost of goods Sold Answer b  First in, First out  Ending Inventory Answer Cost of Goods Sold  Answer c  Last in, first out  Ending Inventory Answer Cost of Goods Sold  Answer PreviousSave AnswersNext

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Inventory Costing Methods - Periodic Method The Shiloh Company uses the periodic inventory system for its merchandise inventory. The June 1 inventory for one of

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June	5	Purchased	40	units @	$130	per unit
	13	Sold	50	units @	$170	per unit
	25	Purchased	30	units @	$132	per unit
	29	Sold	20	units @	$175	per unit

a.	Weighted Average
	Ending Inventory	Answer
	Cost of goods Sold	Answer
b.	First-in, First-out:
	Ending Inventory	Answer
	Cost of Goods Sold:	Answer
c.	Last-in, first-out:
	Ending Inventory	Answer
	Cost of Goods Sold:	Answer