Example E8-13 from Text Aaron Corporation disclosed the following information about its merchandize inventory for the month of June. Date Transaction une 1 June 10 Sale June 11 Purchase June 15 Sale Unit Cost $ Total Cost $ Quantity in Units 300 20010 800 500 500 300 3,000 9,600 6,500 Balance 12 June 20 Purchase June 27Sale 13 (a) Assuming that perpetual inventory system is used, compute June COGS and cost of ending inventory under (0) FIFO and (ii) LIFO (b) Assuming that periodic inventory system is used, compute June COGS and cost of ending inventory under () FIFO and () LIFO (c) What is the LIFO reserve under (i) periodic inventory system and (ii) perpetual inventory system? Suggested Exercises from Text E8-9, E8-13, E8-14, E8-15, E8-16, E8-17, E8-18, E8-19, E8-20, E8-21 and P8-6 We will go over P8-7 (on pages 462 and 463 of text) in class to learn how to convert FIFO based financial statements to LIFO based financial statements