CHAPTER - 6 INVENTORY COSTING AND VALUATION - PRACTICE PROBLEMS Exercise 1 Kersawani Company uses the perpetual inventory system and the average cost formula. The following information is available for the month of June: Date Explanation Units Unit Cost 1 Jun 1 Beginning Inventory 200 $10 Jun 15 Purchase 300 11 Jun 17 Sale 250 2 Jun 24 Purchase 400 12 Instructions: Prepare a schedule to show cost of goods sold and the value of the ending Inventory for the month of June using FIFO and WEIGHTED AVARAGE METHODS. What is the gross profit in both the methods? FIFO