Latrio Company€™s record of transactions for the month of June was as follows.

Instructions
(a) Assuming that periodic inventory records are kept, compute the inventory at June 30 using
(1) LIFO
(2) Average cost.
(b) Assuming that perpetual inventory records are kept in both units and dollars, determine the inventory at June 30 using
(1) FIFO
(2) LIFO.
(c) Compute cost of goods sold assuming periodic inventory procedures and inventory priced at FIFO.
(d) In an inflationary period, which inventory method€”FIFO, LIFO, average cost€”will show the highest netincome?

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Purchases Sales June 1 (balance on hand 2,000 $10.00 June 5 8 1,500 10.05 600 10.50 900 11.00 1,200 11.00 300 11.10 500 $21.00 1,600 22.00 700 22.00 1,800 21.00 700 23.00 7 18 30 20 27 5,300 6,500