What is the FIFO ending inventory?

Data: Purchase

June 4 113units $48

June 12 81units $49

June 19 167units $52

June 25 34units $56

Crunchy Noodles began June with 73 units of inventory that cost $50 each. During the month, Crunchy made the following purchases: (Click the icon to view the purchases.) The company uses the periodic inventory system, and the physical count at June 30 shows 58 units of inventory on hand. Required 1. Determine the ending inventory and cost of goods sold amounts for the June financial statements under (a) weighted-average cost and (b) FIFO cost. Round average cost per unit to the nearest cent and all other amounts to the nearest dollar. 2. Sales revenue for June totalled $48,000. Compute Crunchy's gross margin for June under each method. 3. Which method will result in higher net income for Crunchy? Why? Requirement 1. Determine the ending inventory and cost-of-goods-sold amounts for the June financial statements under (a) weighted-average cost and (b) FIFO cost. (Round the unit cost to two decimals and the ending inventory and cost of goods sold to the nearest dollar.)