A company uses the periodic inventory system, and the following information is available. All purchases and sales are on credit. The selling price for the merchandise is $11 per unit.??UnitsUnit CostTotal Cost6/01Inventory Balance30$3$906/06Purchase7042806/11Purchase4552256/16Purchase506300?Goods available195?$8956/12Sale100??6/20Sale60???Goods sold160??6/31Inventory Balance35??Required:Determine the cost of the ending inventory and the cost of goods sold for June using the LIFO method.
What will be an ideal response?
Ending Inventory:
| 30 units @ $3 = | $90 |
| 5 units @ $4 = | 20 |
| 35 units | $110 |
Cost of goods sold:
| Goods available | $895 |
| -End. Inv. | 110 |
| COGS | $785 |
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