Giles Manufacturing uses a periodic inventory system and has the following transactions for the month of June 2015:

Required:
1. Calculate ending inventory and cost of goods sold at June 30, 2015, using the specific identification method. The June 7 sale consists of beginning inventory, the June 15 sale consists of three units from beginning inventory and eight from the June 12 purchase, and the June 27 sale consists of one unit from beginning inventory and fourteen units from the June 24 purchase.
2. Using FIFO, calculate ending inventory and cost of goods sold at June 30, 2015.
3. Using LIFO, calculate ending inventory and cost of goods sold at June 30, 2015.
4. Using weighted-average cost, calculate ending inventory and cost of goods sold at June 30,2015.

Transcribed Image Text:

Date Transactions Units Cost per Total Cost S 4,080 2,990 3,080 1,680 Unit une ine June 12 une June 24 Beginning inventory Sale Purchase Sale Purchase Sale Purchase S240 230 220 210 12 13 14 15 ine ine