Part $2$ of $6$

eted the following periodic inventory transactions for a line of merchandise inventory: dions.$)$

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Jun. $1$ Beginning merchandise inventory

Jun. $12$ Purchase

Jun. $20$ Sale

Jun. $24$ Purchase

Jun. $29$ Sale

$27$ units @ $$22$ each

$5$ units@$$26$each

$14$ units@$$35$ each

$16$ units@$$27$ each

$19$ units@$$35$ each

Assume that Java Coffee Shop completed the following periodic inventory transactions for a line of merchandise inventory:

$($Click the icon to view the transactions.$)$

Read the requirements.

Requirements $1.,2.,$ and $3.$ Compute ending merchandise inventory, cost of goods sold, and gross profit using the $(1)$ FIFO inventory costing method, $(2)$ LIFO inventory costing method, and $(3)$ weightedaverage inventory costing method. $($Round weighted$-$average cost per unit to the nearest cent and all other amounts to the nearest dollar.$)$

Begin by determining ending merchandise inventory and cost of goods sold under each of the three methods.

$\backslash$table$[[,,\backslash$table$[[$Requirement $1.],[$FIFO$]],\backslash$table$[[$Requirement $2.],[$LIFO$]]],[$Beginning merchandise inventory,$$,594,],[$Plus:$,$Net cost of inventory purchased,,$562,],[$Cost of goods available for sale,,$1,156||,],[$Less:$,$Ending merchandise inventory,,$(405),],[$Cost of goods sold,$$,751.,]]$