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Question - 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 $100. Transactions for this item during June were as follows:
June 5 Purchased 40 units @ $110 per unit 13 Sold 50 units @ $150 per unit 25 Purchased 30 units @ $112 per unit 29 Sold 20 units @ $155 per unit
Required -
a. Calculate 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. Calculate the cost of goods sold and the ending inventory cost for the month of June using the first-in, first-out method.
c. Calculate 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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