Jun.

1

Beginning merchandise inventory

21

units @

$

21

each

12

Purchase

4

units @

$

25

each

20

Sale

6

units @

$

34

each

24

Purchase

18

units @

$

27

each

29

Sale

20

units @

$

34

each

Requirements

1.

Compute ending merchandiseinventory, cost of goodssold, and gross profit using the FIFO inventory costing method.

2.

Compute ending merchandiseinventory, cost of goodssold, and gross profit using the LIFO inventory costing method.

3.

Compute ending merchandiseinventory, cost of goodssold, and gross profit using theweighted-average inventory costing method.(Round weighted-average cost per unit to the nearest cent and all other amounts to the nearestdollar.)

Requirements1., 2., and 3. Compute ending merchandiseinventory, cost of goodssold, and gross profit using the(1) FIFO inventory costingmethod, (2) LIFO inventory costingmethod, and(3) weighted-average inventory costing method.(Round weighted-average cost per unit to the nearest cent and all other amounts to the nearestdollar.)

Begin by determining ending merchandise inventory and cost of goods sold under each of the three methods.