PROBLEM IV

The periodic inventory records of ABC Company indicate the following for the month of June:

$\backslash$table$[[$June $1,$Beginning merchandise inventory,$6$ units @ $$60$ each$],[8,$Purchase,$5$ units @ $$67$ each$],[15,$Purchase,$10$ units @ $$70$ each$],[26,$Purchase,$5$ units @ $$85$ each$]]$

At June $30,$ ABC Company had seven units of inventory on hand

a$)$ Compute the ending merchandise inventory using the FIFO method.

b$)$ Compute the ending merchandise inventory using the LIFO method

c$)$ Compute the ending merchandise inventory using the weighted average.