Alternative Inventory Methods The perpetual inventory records of the Park Company indicate the following transactions in the month of June:
|
Units |
Cost/Unit |
|
|
Inventory, June 1 |
200 |
$3.20 |
|
Purchases |
||
|
3 Jun |
200 |
3.5 |
|
17 Jun |
250 |
3.6 |
|
24 Jun |
300 |
3.65 |
|
Sales |
||
|
6 Jun |
300 |
|
|
21 Jun |
200 |
|
|
27 Jun |
150 |
Required
Compute the cost of goods sold for June and the inventory at the end of June, using each of the following cost flow assumptions:
1. FIFO
2. LIFO
3. Average cost (round unit costs to 2 decimal places)