Exercise 1: The following information is given for the month of June: Units Unit Cost Selling Price June 1 Inventory 150 $1.00 June 9 Purchased 200 1.50 June 15 Purchased 300 1.75 June 20 Purchased 100 2.00 June 25 Sold 550 4.00 Compute: A) Ending inventory using: 1. FIFO 2. LIFO 3. Average Cost B) Gross margin using: 1. FIFO 2. LIFO 3. Average Cost