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Inventory Costing Methods - Periodic Method The Kali 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 595 per unit 25 Purchased 40 units @ $53 per unit 29 Sold 20 units $110 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. 70 X 3,605 x a. Weighted Average Ending Inventory $ Cost of goods Sold $ b. Firsc-in, First-out: Ending Inventory $ Cost of Goods Sold: $ c. Last-in, first-out: Ending Inventory $ Cost of Goods Sold: $ 0X O X OX Inventory Costing Methods-Periodic Method The following information is for the Lite Company, which sells just one product: Units Unit Cost Beginning Inventory Jan, 1 200 $12 Purchases: Feb. 11 500 13 May 18 400 15 Oct. 23 100 17 Sales: March 1 350 July 1 440 0 Calculate the value of ending inventory and cost of goods sold using the periodic method and (a) first-in, first-out, (b) last-in, first-out, and (c) weighted-average cost method. Do not round until your final answers. Round your final answers to the nearest dollar. A. First-in, First-out: Ending Inventory $ 0 Cost of goods sold $ B. Last-in, first-out: Ending Inventory $ 0 Cost of goods sold $ C Weighted Average Ending Inventory $ 0 Cost of goods sold $ 0 11