Required:

1.Determine the inventory on June 30, 2016, and the cost of goods sold for the three-month period, using the first-in, first-out method and the periodic inventory system.

Merchandise inventory, June 30, 2016

$[][]

Cost of merchandise sold

$[][]

2.Determine the inventory on June 30, 2016, and the cost of goods sold for the three-month period, using the last-in, first-out method and the periodic inventory system.

Merchandise inventory, June 30, 2016

$[][]

Cost of merchandise sold

$[][]

3.Determine the inventory on June 30, 2016, and the cost of goods sold for the three-month period, using the weighted average cost method and the periodic inventory system. Round the weighted average unit cost to the nearest cent and final answers to the nearest dollar.

Merchandise inventory, June 30, 2016

$[][]

Cost of merchandise sold

$[][]

4.Compare the gross profit and June 30, 2016, inventories using the following column headings. Enter all amounts as positive numbers.