Periodic Inventory System and Inventory Costing Methods
In chronological order, the inventory, purchases, and sales of a single product for a recent month are as follows:
Units Amount per Unit
June 1 Beginning inventory 150 Units $30
June 4 Purchase 400 Units $33
June 12 Purchase 800 Units $36
June 16 Sale 1,300 Units $60
June 24 Purchase 300 Units $39
Using the periodic inventory system, compute the cost of ending inventory, cost of goods sold, and gross margin. Use the average-cost, FIFO, and LIFO inventory costing methods. Round unit costs to the nearest cent and round the final answers to the nearest dollar.