Mitchell Companys record of transactions for the month of June was as follows.

Purchases Sales

June 1 (balance on hand) 600 @ $3.00 June 3 (balance on hand) 500 @ $5.00

4 1,500 @ 3.04 9 1,300 @ 5.00

8 800 @ 3.20 11 600 @ 5.50

13 1,200 @ 3.25 23 1,200 @ 5.50

21 700 @ 3.30 27 900 @ 6.00

29 500 @ 3.13 4,500

5,300

Instructions

Assuming that periodic inventory records are kept, compute the inventory at June 30 using (1) FIFO and (2) average cost.

Assuming that perpetual inventory records are kept in both units and dollars, determine the inventory at June 30 using (1) FIFO and (2) average cost.