Inventory Costing Methods-Periodic Method Merritt Company uses the periodic inventory system. The following May data are for an item in Merritt's inventory:

May	1	Beginning inventory	170	units @	$32	per unit
	12	Purchased	120	units @	$37	per unit
	16	Sold	190	units @
	24	Purchased	180	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 methods.

Do not round until your final answers. Round your final answers to the nearest dollar.

A.	First-in, First-out:
	Ending Inventory	$Answer
	Cost of Goods Sold:	$Answer
B.	Last-in, first-out:
	Ending Inventory	$Answer
	Cost of Goods Sold:	$Answer
C.	Weighted-average cost:
	Ending Inventory	$Answer
	Cost of Goods Sold	$Answer