Hahn Hardware provides the following information relating to its June inventory activity. Hahn uses a perpetual inventory system. Required: If required, round your intermediate calculations and final answers to nearest cent. Use rounded amounts in subsequent computations.

a. Put Hahn's given information into a cost of goods sold model. What is unknown?

b. Compute the ending inventory and cost of goods sold using the FIFO, LIFO, and moving average costing methods.

FIFO LIFO Moving Average

Ending inventory $__ $__ $__

Cost of goods sold $__ $__ $__

c. Calculate the sum of the ending inventory and cost of goods sold for each method.

FIFO LIFO Moving Average

Beginning inventory $ __$__ $__

Purchases $__$__$__

Cost of goods available $__ $__ $__

Ending inventory $__$__$__

Cost of goods sold $ __$__ $__

Based on your calculations above, note whether FIFO, moving average or LIFO is appropriate for the following statements.

has the highest ending inventory and the lowest cost of goods sold.

The method expenses the least expensive inventory first.

method has ending inventory and cost of goods sold in between all three of the amounts.

has the lowest ending inventory and the highest cost of goods sold.

The method expenses the most expensive inventory first.