QUESTION 1 Part B The following information relates to the inventory of Bryce Ltd during June: June 1 1 200 units @ $7.50 Beginning Inventory Purchased 3 2 500 units $8.20 10 Purchased 1 300 units @ $9.80 12 Sold 1 500 units 17 Sold 1750 units 1 250 units 25 Sold Bryce Ltd uses a periodic Inventory system. Ignore GST. During the month 4 500 units were sold for $58 965 plus GST. A physical count of Inventory on June 30 confirmed that 500 units were on hand. Required: Prepare an income statement down to Gross Profit for June, using each of the following costing methods: a) Specific identification method assuming that 900 units were sold from beginning inventory, 2 300 units were sold from the first purchase and the remainder from the 10 June purchase b) FIFO method. c) Income Statement a) Specific identification Ending inventory: Cost of sales b) FIFO Units $ Goods available Ending inventory @ Cost of sales Bryce Ltd. Income Statement Period ending 30 June 20xx Specific Identification FIFO