Required:

The company uses periodic inventory system.

1. Determine the inventory on June 30 and the cost of merchandise sold for the three-month period, using the FIFO method.

2. Determine the inventory on June 30 and the cost of merchandise sold for the three-month period, using the LIFO method.

3. Determine the inventory on June 30 and the cost of merchandise sold for the three-month period, using the weighted average cost method. Round the unit cost to the dollar.

The beginning inventory of merchandise at Acct 201 Co. and data on purchases and sales for a three-month period ending June 30 are as follows: Transaction QTY Per Unit Cost Apr.3 Inventory 25 $1,200 $30.000 8 Purchase 75 1,240 93,000 11 Sale 40 2,000 80,000 30 30 2,000 60,000 May 8 Purchase 60 1,260 75,600 10 Sale 50 2,000 100,000 19 11 20 2,000 40,000 28 Purchase 80 1,260 100,800 June 5 Sale 40 2,250 90,000 16 25 2,250 56,250 21 Purchase 35 1.264 44,240 28 Sale 44 2,250 99,000 Required: The company uses periodic inventory system. 1. Determine the inventory on June 30 and the cost of merchandise sold for the three-month period, using the FIFO method. 2. Determine the inventory on June 30 and the cost of merchandise sold for the three-month period, using the LIFO method. 3. Determine the inventory on June 30 and the cost of merchandise sold for the three-month period, using the weighted average cost method. Round the unit cost to the dollar