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Question - 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
June 13
Sold
50 units @ $95 per unit
June 25
30 units @ $53 per unit
June 29
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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