The following information is available for the month ending June 30th. The perpetual inventory system is used
|
Date
|
Description
|
Units
|
Unit Cost
|
Unit Selling Price
|
|
1-Jun
|
Beginning Inventory
|
20
|
$13
|
|
|
5-Jun
|
Purchase
|
60
|
$14
|
|
|
12-Jun
|
Sale
|
45
|
|
30
|
|
18-Jun
|
Purchase
|
22
|
$15
|
|
|
24-Jun
|
Sale
|
48
|
|
32
|
|
29-Jun
|
Purchase
|
30
|
$17
|
|
Questions: (Show supporting calculations.)
Part 1: Calculate cost of goods sold, ending inventory, and gross profit for June using the FIFO cost flow assumption.
Part 2: Calculate cost of goods sold, ending inventory, and gross profit for June using the LIFO cost flow assumption.
Part 3: Calculate cost of goods sold, ending inventory, and gross profit for June using the Moving Average cost flow assumption.