Question - Kaleta Company uses a periodic system reports the following for the month of June.
|
|
|
Units
|
Unit Cost
|
Total Cost
|
|
June 1
|
Inventory
|
400
|
$4
|
$1,600
|
|
12
|
Purchase
|
800
|
7
|
5,600
|
|
23
|
Purchase
|
600
|
12
|
7,200
|
|
30
|
Inventory
|
200
|
|
|
(a) Compute the cost of the ending inventory and the cost of goods sold under FIFO and LIFO.