Joe Coffee Equipment sells European style coffee makers and uses a perpetual inventory system. Its inventory records show that on June 1, Joe Coffee had 12 units on hand at a cost of $220 each. Transactions related to purchase and sale of coffee makers in June were as follows: Per unit

Date

Transaction

Units

Cost

Sales price

June 10	Sale	3		$ 510
June 15	Sale	4		$ 510
June 20	Purchase	5	$ 230
June 22	Purchase	6	$ 240
June 30	Sale	10		$ 500

Instructions For each of the following cost formulas, calculate the ending inventory as at June 30 and the cost of goods sold for the month of June. Prove the cost of goods sold calculations.

a)

FIFO

b)	Weighted Average (Round to the nearest cent)