At June 30, Otto Company reports the following inventory purchases for the month of June. At...

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At June 30, Otto Company reports the following inventory purchases for the month of June. At June 1, beginning inventory included 50 units at $262.50. Purchases: June 8 55 units @ $5.50 $ 302.50 June 12 60 units @ $6.00 $360 June 24 70 units @ $6.20 $434 Sales: June 14 85 units 70 units Instructions: Under a periodic inventory system, determine the cost of goods sold for June and dollar value of ending inventory on June 30 under (1) FIFO method, (2) LIFO method, and (3) average-cost (weighted average cost) method (carry out to 3 decimal places.) Providing Proofs for COGS and Ending Inventory under all three methods above. You will only receive credit by providing the proofs for COGS and Ending Inventory under all 3 methods. June 28 At June 30, Otto Company reports the following inventory purchases for the month of June. At June 1, beginning inventory included 50 units at $262.50. Purchases: June 8 55 units @ $5.50 $ 302.50 June 12 60 units @ $6.00 $360 June 24 70 units @ $6.20 $434 Sales: June 14 85 units 70 units Instructions: Under a periodic inventory system, determine the cost of goods sold for June and dollar value of ending inventory on June 30 under (1) FIFO method, (2) LIFO method, and (3) average-cost (weighted average cost) method (carry out to 3 decimal places.) Providing Proofs for COGS and Ending Inventory under all three methods above. You will only receive credit by providing the proofs for COGS and Ending Inventory under all 3 methods. June 28

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Periodical inventory system Goods available for sale Cost of Goods Available for Sale of Units Cost ... View the full answer