Lightning Corp. sells fishing equipment to corporate customers. The company uses the perpetual inventory system and keeps careful records. The June purchases and sales of

merchandise inventory are summarized here $($note that the sales price on $\frac{6}{10}$ and $\frac{6}{28}$ was $$44$ per unit$).$

Calculate the total cost of goods sold for the month $($hint: $\frac{6}{10}$ cost of goods sold $+\frac{6}{28}$ cost of goods sold$)$ and the Merchandise Inventory balance at the end of the month using

three methods:

FIFO

LIFO

Average cost

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LIFO Method: