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The following information is available for the month ending June 30th. The perpetual inventory system is used
Date
Description
Units
Unit Cost
Unit Selling Price
1-Jun
Beginning Inventory
20
$13
5-Jun
Purchase
60
$14
12-Jun
Sale
45
30
18-Jun
22
$15
24-Jun
48
32
29-Jun
$17
Questions: (Show supporting calculations.)
Part 1: Calculate cost of goods sold, ending inventory, and gross profit for June using the FIFO cost flow assumption.
Part 2: Calculate cost of goods sold, ending inventory, and gross profit for June using the LIFO cost flow assumption.
Part 3: Calculate cost of goods sold, ending inventory, and gross profit for June using the Moving Average cost flow assumption.
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