Alex Ltd. uses FIFO and a perpetual inventory system. You are provided with the following information from Alexs inventory records for June 2015:

	Units	Cost per unit
Beginning inventory	76,500	$21.00
June 3Purchase	20,250	$21.25
June 4-13Sales	(36,000)
June 14Purchase	40,500	$21.75
June 14-22Sales	(49,500)
June 22Purchase	27,000	$21.10
June 22-30Sales	(31,500)

In addition, you are provided with the following information:

• The selling price per item during June $62;
• An inventory count on June 30 found 45,900 units on hand. In addition the count found that 225 units were damaged and had to be thrown away;
• Alex has a policy of taking all cash discounts offered and accordingly records purchases net of the cash discounts. Due to an oversight in the accounting department the company failed to pay on time for 1,000 units purchased on June 14. Once the oversight was noticed the bill was paid in full but the company did not benefit from the 2% discount.
• An order of 2,700 units that was scheduled to be shipped to a customer on June 30 was delayed and not shipped until July. The sale was recorded in the accounting system. The units were not included in the physical count;
• In June, 900 units were sold on a consignment basis to a customer. The sale was recognized on delivery as is its customary practice. This was the first time goods were sold on consignment by Alex;
• Freight costs for purchases in June were $22,000. Alex initial debits the freight costs to an expense account when incurred;
• During June 250 units were returned as damaged by customers. Alex credited the sale price to the customers accounts. The units have to be checked, refurbished, and cleaned up at a cost of $10 per unit before they can be resold. These units are usually sold at a 60% discount from the retail price. During June Alex sold 100 of these refurbished units for $28 each.

Required:

Calculate Alexs ending inventory on June 30, 2015 and cost of goods sold for the month of June. Prepare any adjusting entries that are necessary.