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 $50. Transactions for this item during June were as follows: June 5 Purchased 40 units @ 13 Sold $60 per unit 50 units @ $100 per unit 25 Purchased 30 units @ $62 per unit 29 Sold 20 units @ $105 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 Cost of goods Sold $ $ 0 0 b. First-in, First-out: Ending Inventory $ 0 Cost of Goods Sold: $ 0 c. Last-in, first-out: Ending Inventory $ 0 Cost of Goods Sold: $ 0 Inventory Costing Methods-Perpetual Method Shiloh Company uses the perpetual 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 @ 25 Purchased 30 units @ 29 Sold 170 per unit 132 per unit 20 units Required a. Calculate the cost of goods sold and the ending inventory cost for the month of June using the weighted-average cost method. Do not round until your final answers. Round 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 $ 0 Cost of goods Sold $ 0 b. First-in, First-out: Ending Inventory $ 0 Cost of Goods Sold: $ 0 c. Last-in, first-out: Ending Inventory $ 0 Cost of Goods Sold: $ 0