Chapter 6 - Inventory Practice Problem A company just starting business made the following four inventory purchases in June: June 1, 2005 June 10 June 15 June 28 150 units $ 780 200 units 1,170 200 units 1,260 150 units 990 $4,200 A physical count of the merchandise inventory on June 30 reveals that there are poo units on hand. 1. Using the LIFO inventory method, the value of the ending inventory on June 30 is 2. Using the FIFO inventory method, the amount allocated to the cost of goods sold for June is 3. Using the average cost method, the amount allocated to the ending inventory on June 30 = 4. The inventory method which results in the highest gross profit for June is