Inventory Costing Methods-Periodic Method The following data are for the Graham Corporation, which sells just one product: Units Unit Cost $20 $21 Beginning Inventory, January 1 1,200 Purchases February 11 1,500 1,400 1,100 1,400 1,400 1,000 May 18 October 23 March 1 July 1 October 29 24 Sales Calculate the value of ending inventory and cost of goods sold at year-end using the periodic method and (a) first-in, first-out, (b) last-in, first-out, and (c) weighted-average cost method Hint: For weighted-average cost, round the cost per unit to 3 decimal places and 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 Ending Inventory30,34 Cost of goods sold $82,35 V Check Inventory Costing Methods-Periodic Method The Gleem Sales Corporation uses the periodic inventory system. On January 1, 2012, Gleem had: 2,600 units of product B with a unit cost of $60 per unit. A summary of purchases and sales during 2012 follows Unit Units Units Cost Purchased Sold Jan.3 Mar.8 $64 une 13 Sept. 19 70 Nov.23 75 Dec.28 1,600 3,000 2,000 800 1,200 1,800 Required a. Assume that Gleem uses the first-in, first-out method. Compute the cost of goods sold for 2012 and the ending inventory balance at December 31, 2012, for product B. b. Assume that Gleem uses the last-in, first-out method. Compute the cost of goods sold for 2012 and the ending inventory balance at December 31, 2012, for product B. c. Assume that Gleem uses the weighted-average cost method. Compute the cost of goods sold for 2012 and the ending inventory balance at December 31, 2012, for product B a. First-in, First-out: Ending Inventory 324,00x Cost of Goods Sold 324,0x b. Last-in, first-out: Ending Inventory 35,00x Cost of Goods Sold $ 35,00x