Inventory Costing Methods - Periodic Method The Shiloh Company uses the periodic inventory system for...
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Inventory Costing Methods - Periodic Method The Shiloh Company uses the periodic inventory system for its merchandise inventory. The June 1 inventory for one of the items in the merchandise inventory consisted of 60 units with a unit cost of $45. Transactions for this item during June were as follows:
June
5
Purchased
40
units @
$50
per unit
13
Sold
50
units @
$95
per unit
25
Purchased
30
units @
$53
per unit
29
Sold
20
units@
$100
per unit
Required
a. Compute the cost of goods sold and the ending inventory cost for the month of June using the weighted-average cost method. Round the cost per unit to 3 decimal places and round your final answers to the nearest dollar. b. Compute the cost of goods sold and the ending inventory cost for the month of June using the first-in, first-out method. c. Compute the cost of goods sold and the ending inventory cost for the month of June using the last-in, first-out method.
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