PROBLEM IV

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

Iune $1$ Beginning merchandise inventory

$8$ Purchase

$15$ Purchase

$26$ Purchase

$6$ units @ $$60$ each

$5$ units @ $$67$ each

$10$ units @ $$70$ each

$5$ 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