Use the data provided in P 7-1, but assume that the company uses the perpetual inventory system.

LO 4 Perpetual Inventory System and Inventory Methods REQUIRED

(Note: In preparing the solutions below, it is helpful to determine the balance of inventory after each transaction, as shown in this chapter's Review Problem.)

1. Determine the cost of ending inventory and cost of goods sold for May and June using the weighted-average-cost method. Round unit costs and totals.

2. Determine the cost of ending inventory and cost of goods sold for May and June using the FIFO method.

3. Determine the cost of ending inventory and cost of goods sold for May and June using the LIFO method.