Exercise 210 Johnson Company reports the following for the month of June. Date Explanation Total Cost Unit Cost $5 June 1 12 23 30 Inventory Purchase Purchase Inventory Units 225 525 750 280 $1,125 3,150 5,250 7 Compute the cost of the ending inventory and the cost of goods sold under FIFO, LIFO, and average cost. (Round average cost per unit to 2 decimal places, e.g. 5.25 and final answers to 0 decimal places, e.g. 2,520.) FIFO LIFO AVERAGE COST Ending inventory Cost of goods sold S Which costing method gives the highest ending inventory? The highest cost of goods sold? costing method gives the highest ending inventory method will produce the highest cost of goods sold. Exercise 230 The trial balance of Rachel Company at the end of its fiscal year, August 31, 2017, includes these accounts: Inventory $29,200; Purchases $144,000; Sales Revenue $190,000; Freight- In $8,000; Sales Returns and Allowances $3,000; Freight-Out $1,000; and Purchases Returns and Allowances $5,000. The ending inventory is $25,000. Prepare a cost of goods sold section for the year ending August 31. RACHEL COMPANY Income Statement (Cost of Goods Sold section - Periodic system For the Month Ended August 31, 2017 Question Attempts: 0 of 1 used