(Answered) Problem inventory costing methods-periodic methodmerritt

Accounting

Problem: Inventory Costing Methods-Periodic Method

Merritt Company uses the periodic inventory system. The following May data are for an item in Merritt's inventory:

May	1	Beginning inventory	150	units @	$30	per unit
	12	Purchased	100	units @	$35	per unit
	16	Sold	180	units.
	24	Purchased	170	units @	$38	per unit

Calculate the cost of goods sold for May and ending inventory at May 31 using (a) first-in, first-out, (b) last-in, first-out, and (c) the weighted-average cost methods.

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