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inventory records for the month of June: (4 pts.) Beginning Inventory June 5 Sale June 10 Purchase June 24 Sale 1,500 @ s5.10 1.200 @ S12.00 2,100@$6.10 1,650$12.00 -Assume Vinyard Company uses the LIFO method of inventory valuation. Required: ise. x .10; A. How many units are available for sale? 3 coo B. How much is the cost of goods sold for June?xas C. What is the value of ending inventory at June D. How much should Vinyard report as its LIFO reserve at June 30? at June 30? sas 47. Quick Trip Co. maintains its gasoline inventory using the per The gasoline is stored in an underground tank holding 100,000 gallons. The LIFO reserve has a balance of S1,020 at the beginning of April. The inventory records for April follow: (4 pts.) 11,000 gallons $2.55 per gallon 60,000 gallons @ $2.65 per gallon 62,000 gallons @$3.60 per gallon 70,000 gallons @ $2.85 per gallon 7,500 gallons $3.60 per gallon Beginning inventory April 9 purchase April 15 sale April 29 purchase April 30 sale Using the LIFO method, how much will Quick Trip Co. report as gross profit for April? A. 50,200 B. Determine the amount of change in the LIFO reserve during April. Suppose Quick Trip Co. deferred the April 29 purchase until May 1. are the company's phantom profits? How much C. If Quick Trip Co. were to select a method that approximated its actual physical flow most closely, which of the inventory costing methods would it select? Explain. D