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The units of inventory available for sale during the month of June were as follows: June 1 Beginning Inventory 60 units at $40 June 15
The units of inventory available for sale during the month of June were as follows:
June 1 | Beginning Inventory | 60 units at $40 |
June 15 | Purchase | 40 units at $30 |
June 22 | Purchase | 20 units at $20 |
There are 20 units of inventory at June 30.
Required: Determine the cost of goods sold using: 1. FIFO 2. LIFO 3. Average cost (Round all calculations to two decimal places.) Required: Determine the ending inventory using: 1. FIFO 2. LIFO 3. Average cost (Round all calculations to two decimal places.)
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