You are provided the following information about Klemtu Inc. (Klemtu) for April 2014. Assume that Klemtu uses a periodic inventory system and that during April the company sold 100,000 units of inventory:

Required:
Calculate cost of goods sold and ending inventory on April 30, 2014, for Klemtu using the average cost and FIFO cost formulas. How many units of inventory are on hand at the end of June under each cost formula?

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Date Description Number of units Cost per unit Total cost April 1 Opening inventory 70,000 units $2.50 $ 175,000 April 13 Purchase 42,200 units 2.60 109,720 April 21 Purchase 23,700 units 2.70 63,990 Total 135,900 units $348,710