5. Determine the cost of goods sold for June using the LIFO method. $ 6. Assuming the FIFO method of inventory used, what is the gross profit for June? $1 7. Assuming the LIFO method of inventory used, what is the gross profit for June? $1 The data as to purchase and sales of Product B-1 for June follow. The company uses the perpertual inventory system. All units sell for $300 each. June 1 Beginning Inventory 5 Sales 10 Purchase 17 Sales 50 Units $204 30 Units 100 Units @$220 60 Units