Solve using: Last in, First Out (LIFO)

Required:

1. Total Cost of the Ending Inventory

2. Total Cost of Goods Sold

3. Gross Profit

PROBLEM III - Charlie Company which used the periodic inventory system provided the following transactions for June: Purchases Sales June1 3,000 at P 300 June 3 2,500 at P 500 4 7,500 at P 304 9 6,500 at P 500 8 4,000 at P 320 11 3,000 at P 550 13 6,000 at P 325 23 6,000 at P 550 21 3,500 at P 330 27 4,500 at P 600 30 2,500 at P 313