You are provided the following information about Jaffray Ltd. (Jaffray) for June 2017.
Assume that Jaffray uses a periodic inventory system and that during June the company sold 500 units of inventory:

Required:
Calculate cost of goods sold and ending inventory on June 30, 2017 for Jaffray, using the average cost and FIFO cost formulas. How many units of inventory are on hand at the end of June under each costformula?

Transcribed Image Text:

Date June 1 June 12 June 22 Description Opening inventory Purchase Purchase Total Number of units Cost per unTotal cost S 5,000 3,850 5,400 S14,250 500 units 350 units 450 units 1,300 units $10 $11 $12