Question
Mango Corp. had the following information related to their June 2020 Inventory: Date Transaction Type # Units Price 6/1/20 Beginning Balance 140 $31.00 6/18/20 Purchase
Mango Corp. had the following information related to their June 2020 Inventory: | ||||
| ||||
Date | Transaction Type | # Units | Price |
|
6/1/20 | Beginning Balance | 140 | $31.00 |
|
6/18/20 | Purchase | 260 | $33.00 |
|
6/23/20 | Purchase | 270 | $37.00 |
|
Mango Corp. sold 430 units of inventory at a price of $56 per unit in June. |
Requirement 1: Provide the ending inventory in units and cost and Cost of Goods Sold for June 2020 using the FIFO (First-in-First-Out) Accounting method.
Requirement 2: Provide the ending inventory in units and cost and Cost of Goods Sold for June 2020 using the LIFO (Last-in-First-Out) Accounting method.
Requirement 3: Provide the Gross Profit for Mango Corp. for June assuming LIFO inventory costing.
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