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	162	units @	$30	per unit
	12	Purchased	112	units @	$35	per unit
	16	Sold	180	units @
	24	Purchased	160	units @	$36	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. Round your final answers to the nearest dollar.

A.	First-in, First-out:
	Ending Inventory	$________?

Cost of Goods Sold $_______?

B.Last-in, First-out:

Ending Inventory $_____?

Cost of Goods Sold $______?

C.Weighted-average cost

Ending Inventory $_____?

Cost of Goods Sold $______?