Question: need help on #3 DATE TRANSACTION # Units Price/Unit June 1 Beginning Inventory 50 $102 June 5 Sale June 10 Purchase 8 8 8 8

need help on #3 DATE TRANSACTION # Units need help on #3

DATE TRANSACTION # Units Price/Unit June 1 Beginning Inventory 50 $102 June 5 Sale June 10 Purchase 8 8 8 8 9 $110 June 17 Sale 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 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 Jou would pay for the month of July, which inventory valuation method would you use; average cost, FIFO, or LIFO

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