Inventory

26-Hour Company maintains a periodic inventory system of its inventory. The following relates to the beginning inventory and purchases data for Model 124: June 20X9 Qty Unit Cost 1 Inventory 10 units $10 11 Purchase 30 units $11 30 Purchase 10 units $12 22 units were sold at $30 per unit. A physical count at the end of the month shows that ending inventory is 28 units. The June's operating expenses amounted to $350. Reguired: (a) Calculate the value of closing stocks using: (1) First-ln-First-Out (FIFO); and (ii) Weighted Average Cost (WAC) ow assumptions. (b) Prepare statements of comprehensive income for the month ending 30 June 20x9 using (1) First-ln-FirstOut (FIFO); and (iii) Weighted Average Cost (WAC) ow assumptions. (c) Briey explain the difference in net prot under the 2 cost ow assumptions