Practice Riedel Company's inventory records showed the following transactions for the month of June. Unit Sales Price Unit Cost $6.20 6.40 Units June 1 Beginning Inventory June 3 Purchase June 15 Sales June 22 Sales June 30 Purchase 700 400-to5 300 600 600 $12.00 12.50 6.70 1. Determine the Cost of Goods Sold for the month of June using FIFo. 5020 2. Determine the amount of Inventory to be reported on the June 30 balance sheet using FIFO. uuHo 1280 5300 3. Determine the Cost of Goods Sold to be reported on the June income statement using LIFO 3002 040 -1410 5 bloO 4. Determine the amount of ending Inventory as of June 30 if LIFO is used 2UD@ lo.20240 Determine the amount of Gross Profit that will appear on the June multi-step income statement if FIFO is used 5. 6. Determine the amount of Gross Profit that will appear on the June multi-step income statement if LIFO is used. Market ve 7. Now assume that the inventory on hand at the end of the year would cost $5.280 to replace. What would the adjusting journal entry be under each of the following circumstances. a. Riedel uses FIFO to account for its inventory. b. Riedel uses LIFO to account for its inventory After the LCM adjustment is made in #8 above, what would gross profit be in each situation? a. FIFO 8. b. LIFO 9. In a period of rising prices, which method will result in the highest value for Inventory on the Balance Sheet? 10. In a period of falling prices, which method will result in the lowest Net Income? 11. In a period of rising prices, which method will result in the highest net income? 12. In a period of falling prices, which method will result in the lowest gross profit