Jun. 1	Beginning merchandise inventory	16 units @ $20 each
Jun. 12	Purchase	12 units @ $21 each
Jun. 20	Sale	13 units @ $35 each
Jun. 24	Purchase	13 units @ $23 each
Jun. 29	Sale	17 units @ $35 each

Assume that Coffee Shop completed the following periodic inventory transactions for a line of merchandise inventory: LOADING...(Click the icon to view the transactions.) Read the requirementsLOADING.... Question content area bottom Part 1 Requirements 1., 2., and 3. Compute ending merchandise inventory, cost of goods sold, and gross profit using the (1) FIFO inventory costing method, (2) LIFO inventory costing method, and (3) weighted-average inventory costing method. (Round weighted-average cost per unit to the nearest cent and all other amounts to the nearest dollar.) Begin by determining ending merchandise inventory and cost of goods sold under each of the three methods. Requirement 1. FIFO Beginning merchandise inventory $320 Plus: Net cost of inventory purchased 551 Cost of goods available for sale 871 Less: Ending merchandise inventory (253) Cost of goods sold $618 Requirement 2. LIFO