Inventory Costing Method

Jonny Cake Cos beginning inventory and purchases during the year ended December 31, 2016 were as follows:

		Unit	Units Cost	Total Cost
January 1	Inventory	1,000	$50.00	$50,000
March 10	Purchase	3,000	$52.00	$156,000
June 25	Sold 1600 units
August 30	Purchase	2,600	$55.00	$143,000
October 5	Sold 4,000 units
November 26	Purchase	1,000	$57.68	$57,680
December 31	Sold 800 units
Total		7,600		$406,680

Instructions:

1. Determine the cost of inventory on December 31, 2016, using the perpetual system for the following costing methods:

1. First-in, first-out
2. Last-in, first-out
3. Weighted average cost

2. Determine the cost of inventory and Cost of Merchandise Sold on December 31, 2016, using the periodic system for the following costing methods:

1. First-in, first-out
2. Last-in, first-out
3. Weighted average cost