Alternative Inventory Methods

Park Company's perpetual inventory records indicate the following transactions in the month of June:

Units Cost/Unit Inventory, June 1 200 $3.20 Purchases: June 3 200 3.50 June 17 250 3.60 June 24 300 3.65 Sales: June 6 300 June 21 200 June 27 150

Required:

1. Compute the cost of goods sold for June and the inventory at the end of June using each of the following cost flow assumptions: If required, round your answers to the nearest dollar.

FIFO

Cost of Goods Sold $ _____________ Ending Inventory $ ______________

LIFO (Round your intermediate calculations and final answers to the nearest cent.)

Cost of Goods Sold $ ___________ Ending Inventory $ _____________

Average cost (In your computations, round new per unit costs to the nearest cent. Round your intermediate computations and final answers to the nearest dollar.)

Cost of Goods Sold $ ___________ Ending Inventory $ ____________