IE7-2 Analyzing the Effects of Three Alternative Inventory Methods The following data is available for inventory purchases and sales made in the month of June. Date Event Quantity $ 01-Jun Beginning Inventory 200 $ 15.00 06-Jun Purchase 300 17.00 10-Jun Sale 350 35.00 15-Jun Purchase 500 19.00 20-Jun Sale 200 35.00 26-Jun Purchase 150 21.00 30-Jun Sale 250 $ 35.00 Required: Use the templates in the spreadsheet to calculate the Cost of Goods Available for Sale and Sales. Then calculate the Cost of Goods Sold, Ending Inventory, and Gross Profit under the inventory assumption of: FIFO LIFO Weighted Average Assume a periodic inventory system. Navigation: Use the Open Excel in New Tab button to launch this question.

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The following data is available for inventory purchases and sales made in the month of June.
Date	Event	Quantity	$
1-Jun	Beginning Inventory	$200	$15.00
6-Jun	Purchase	300	17.00
10-Jun	Sale	350	35.00
15-Jun	Purchase	500	19.00
20-Jun	Sale	200	35.00
26-Jun	Purchase	150	21.00
30-Jun	Sale	250	$35.00
Required:
Use the templates in the spreadsheet to calculate the Cost of Goods Available for Sale and Sales.
Then calculate the Cost of Goods Sold, Ending Inventory, and Gross Profit under the inventory assumption of:
1. FIFO
2. LIFO
3. Weighted Average
Assume a periodic inventory system.
Beginning Inventory and Purchases	Sales
Date	Quantity	Cost per Unit	Total Cost	Date	Quantity
1-Jun				10-Jun
6-Jun				20-Jun
15-Jun				30-Jun
26-Jun				Units Sold
Units for Sale		COGAS
FIFO
	Quantity	Cost per Unit	Total Cost
Sales	800
Less: 1-Jun
Remaining Sales
Less: 6-Jun
Remaining Sales
Less: 15-Jun
Remaining Sales		COGS
Ending Inventory (units)
Ending Inventory $
Gross Profit
LIFO
	Quantity	Cost per Unit	Total Cost
Sales	800
Less: 26-Jun
Remaining Sales
Less: 15-Jun
Remaining Sales
Less: 6-Jun
Remaining Sales		COGS
Ending Inventory (units)
Ending Inventory $
Gross Profit
Weighted Average
	Quantity	Cost per Unit	Total Cost
1-Jun
6-Jun
15-Jun
26-Jun
Total
Cost of Goods Sold
Ending Inventory
Ending Inventory (units)
Ending Inventory $
Gross Profit