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At June 30, Otto Company reports the following inventory purchases for the month of June. Atune 1, beginning inventory included 50 units at $262.50. Purchases:
At June 30, Otto Company reports the following inventory purchases for the month of June. Atune 1, beginning inventory included 50 units at $262.50. Purchases: June 8 55 units @ $5.50 $ 302.50 June 12 60 units @ $6.00 $360 June 24 70 units @ $6.20 $434 Sales: June 14 85 units June 28 70 units Instructions: Under a periodic inventory system determine the cost of goods sold for June and dollar value of ending inventory on June 30 under (1) FIFO method, (2) LIFO method, and (3) average cost (weighted average cost) method (carry out to 3 decimal places.) Providing Proofs for COGS and Ending Inventory under all three methods above. You will only receive credit by providing the proofs for COGS and Ending Inventory under all 3 methods
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