Question: PROBLEM 2 (20 points) Classic Ltd reported the following for June in its perpetual inventory records. Assume Classic Ltd.'s records show the following for

PROBLEM 2 (20 points) Classic Ltd reported the following for June in

PROBLEM 2 (20 points) Classic Ltd reported the following for June in its perpetual inventory records. Assume Classic Ltd.'s records show the following for the month of June. Description Date Units Unit Cost (S) Unit Price (S) Total Cost (S) Total Price (S) Beginning June 1 12 Purchases: June 10 38 June 20 June 30 10 Sales: June 15 40 June 25 15 280005 8 96 9 342 11 220 10 100 30 1200 300 20 Required: a) Calculate the cost of ending inventory at June 30 and the cost of goods sold for June using the (a) FIFO and (b) weighted average cost methods. (10 points) b) As a shareholder of the company, which of the two methods will you prefer and why. Show all the necessary calculations. (10 points) Answer:

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