GBC Company's record of perpetual system transactions concerning part X for the month of June was as follows.

Purchases			Sales units
June 1 (balance on hand)	100 @ $5.00		June 5	300
4	400 @ 5.10		12	200
11	300 @ 5.30		27	800
18	200 @ 5.55		28	150
26	600 @ 5.60
30	200 @ 5.80

a. Calculate the Closing Inventory and COGS, using the 9 column schedule format used in class, at July 14 on each of the following bases. Calculate moving average unit costs to 3 decimal places.

• 1. First-in, first-out (FIFO)
• 2. Average cost

b. The goods were all sold at a price of $10 each. Prepare two income statements (one for FIFO and one for moving average) complete with GP% and MU%

Hints:

1. Use the examples from class notes to lay out your 9 column schedule
2. Lay out your acquisitions and sales in chronological (date) order.