Question 4: Perpetual Inventory, FIFO, Weighted Average Cost

_e m, Transactions for Littleiohn Ltd. for the month of June were: Purchases June 1 (balance) 400 @ $3.20 3 1,100 @ 3.10 7 600 @ 3.30 15 900 @ 3.40 22 250 @ 3.50 Littlejohn uses the periodic inventory system. Required: June 2 B 9 10 'IB 25 Sales 300 @ $5.50 800 @ 5.50 500 @ 5.50 200 @ 6.00 7'00 @ 6.00 150 @ 6.00 a) What is the ending inventory balance in dollars if Liteiohn uses the FIFO inventory system? b) What is the ending inventory balance in dollars if Littlejohn uses the weighted averagecost basis (round to the nearest dollar)