Given: Company NOPs inventory activity in the month of June 2020:

Beginning inventory, June 1	400 units at $10 each
Purchase on account June 12	600 units at $11 each
Sale on account June 14	700 units at $15 each

Required:

A. Choose the column that represents the June 2020 financial statement where the line item will appear and fill in the dollar amount and calculation using the LIFO inventory method. Include your calculation. [5 points]

B. Choose the column that represents the June 2020 financial statement where the line item will appear and fill in the dollar amount and calculation using the FIFO inventory method. Include your calculation. [5 points]

Use the format in the attachment below

1. LIFO [5 points]

	Income Statement	Statement of Cash Flows	Balance Sheet
1. Cost of Goods Sold
2. Inventory
3. Sales
4. Gross Profit

2. FIFO [5 points]

	Income Statement	Statement of Cash Flows	Balance Sheet
1. Cost of Goods Sold
2. Inventory
3. Sales
4. Gross Profit

1. Calculate the Gross profit ratio and Inventory Turnover ratio under the LIFO method and support your answer with a calculation. [4 points] Use the format in the attachment below

Gross profit ratio
Inventory Turnover ratio