: LAST$-$IN$-$FIRST$-$OUT $($LIFO$)$ METHOD

Description Units Price$/$Unit Total

Price

June $1$ Beginning Inventory $10$ $$3$ $$30$

June $2$ Purchase $30$ $$4$ $$120$

June $10$ Purchase $40$ $$6$ $$240$

June $12$ Sale $60$ $$20$ $$1,200$

June $17$ Purchase $70$ $$7$ $$490$

June $21$ Purchase $50$ $$10$ $$500$

June $29$ Sale $80$ $$22$ $$1,760$

Find the following under the LIFO Method:

$(1)$ Ending Inventory at June $30$th

$(2)$ Cost of Goods Sold for the month of June

$(3)$ Gross Profit for the month of June