Park Company's perpetual inventory records indicate the following transactions in the month of June:

Units Cost/Unit
Inventory, June 1 200 $3.20
Purchases:
June 3 200 3.50
June 17 250 3.60
June 24 300 3.65
Sales:
June 6 300
June 21 200
June 27 150

Required:

1. Compute the cost of goods sold for June and the inventory at the end of June using each of the following cost flow assumptions: If required, round your answers to the nearest dollar.

FIFO

Cost of Goods Sold $ _____________
Ending Inventory $ ______________

LIFO (Round your intermediate calculations and final answers to the nearest cent.)

Cost of Goods Sold $ ___________
Ending Inventory $ _____________

Average cost (In your computations, round new per unit costs to the nearest cent. Round your intermediate computations and final answers to the nearest dollar.)

Cost of Goods Sold $ ___________
Ending Inventory $ ____________

Answer rating: 100% (QA)

FIFO Method Date Particulars Units Price Total Cost Jun06 Sale of 300 Units Out of Opening Stock 200 ... View the full answer