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Stockit, Inc., uses the FIFO method and had the following inventory activity for June: $/Unit Quantity Beginning Inventory, June 1 30 5,000 Purchase, June 15

Stockit, Inc., uses the FIFO method and had the following inventory activity for June: $/Unit Quantity Beginning Inventory, June 1 30 5,000 Purchase, June 15 35 15,000 Goods Available for Sale Sale, June 25 70 18,000 Show the effect of the entry for the sale of Inventory on account and the cost of the sale on June 25

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