The inventory, purchases, and sales of Jamboree Products for the months of May and June are preand Inventory Methods sented below. The company closes its books at the end of each month and uses a periodic inventory system.

REQUIRED 1. Calculate the cost of the ending inventory on May 31 and June 30 using the weighted-averagecost method. In addition, determine cost of goods sold for May and June. Round unit costs and totals.
2. Calculate the cost of the ending inventory on May 31 and June 30 using the FIFO method. In addition, determine cost of goods sold for May and June.
3. Calculate the cost of the ending inventory on May 31 and June 30 using the LIFO method. In addition, determine cost of goods sold for May and June.

Transcribed Image Text:

May 1 9 Inventory Sale 60 units @ 147 20 units 12 Purchase 100 units @ 156 25 Sale 70 units 31 Inventory 70 units June 5 Purchase 120 units @ 159 9 Sale 110 units 14 Purchase 50 units @ 162 19 Sale 80 units 24 Purchase 100 units @ 165 28 Sale 100 units 30 Inventory 50 units