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Gilead Sciences had the following inventory transactions for the June 2019: Purchases June 1 (balance on hand) June 5 2,000 $10.00 1,500 @ 10.05 600
Gilead Sciences had the following inventory transactions for the June 2019: Purchases June 1 (balance on hand) June 5 2,000 $10.00 1,500 @ 10.05 600 @ 10.50 900 @ 11.00 1,200 @ 11.00 300 @ 11.10 Sales 500 @ $21.00 1,600 @ 22.00 700 @ 22.00 1,800 & 21.00 700 @ 23.00 6,500 Requirements: a) Assuming that periodic inventory records are kepti, compute the cost of goods sold and ending inventory for June using (a) LIFO, (b) FIFO, and (c) Average Cost. b) Assuming that perpetual inventory records are kept, compute the cost of goods sold and ending inventory for June using (a) LIFO and (b) FIFO. c) Assuming that Gilead used FIFO perpetual, compute gross profit for June 2018
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