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Wang Company reports the following for the month of June. UnitsUnit CostTotal Cost June 1 Inventory300$500$150,000 12Purchase450600270,000 23Purchase750700525,000 Jun 30Inventory 240 units Instructions (a) Compute

Wang Company reports the following for the month of June.

UnitsUnit CostTotal Cost

June 1 Inventory300$500$150,000

12Purchase450600270,000

23Purchase750700525,000

Jun 30Inventory 240 units

Instructions

(a) Compute the cost of the ending inventory and the cost of goods sold under (1) FIFO and a (2)

Average method.

(b) Compute the gross profit using the average-cost

Method (sales price $1,200 )

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