1. Assuming perpetual inventory and LIFO, what is COGS in June?

2. Assuming perpetual inventory and average cost, what is COGS in July?

3. Assuming perpetual inventory and FIFO, what is the July 31 Ending inventory balance?

4. If your goal was to minimize the taxes you would pay for the month of July, which inventory valuation method would you use; average cost, FIFO, or LIFO?

DATE	TRANSACTION	# Units	Price/Unit
June 1	Beginning Inventory	50	$102
June 5	Sale	30
June 10	Purchase	100	$110
June 17	Sale	60
June 30	Ending Inventory	60
July 2	Purchase	100	$108
July 8	Sale	110
July 14	Purchase	50	$112
July 18	Sale	40
July 22	Purchase	60	$117
July 26	Sale	50
July 31	Ending Inventory	70

Answer rating: 100% (QA)

Answer1 Cost of good soldLIFO for June 60 units110 per unit 30 units 102 per unit 66003060 9660 A... View the full answer