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Alternative Inventory Methods Park Company's perpetual inventory records indicate the following transactions in the month...

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Accounting

  1. Alternative Inventory Methods

    Park Company's perpetual inventory records indicate the following transactions in the month of June:

    Units Cost/Unit
    Inventory, June 1 200 $3.20
    Purchases:
    June 3 200 3.50
    June 17 250 3.60
    June 24 300 3.65
    Sales:
    June 6 300
    June 21 200
    June 27 150

    Required:

    1. Compute the cost of goods sold for June and the inventory at the end of June using each of the following cost flow assumptions: If required, round your answers to the nearest dollar.
    1. FIFO
      Cost of Goods Sold $
      Ending Inventory $
    2. LIFO (Round your intermediate calculations and final answers to the nearest cent.)
      Cost of Goods Sold $
      Ending Inventory $
    3. Average cost (In your computations, round new per unit costs to the nearest cent. Round your intermediate computations and final answers to the nearest dollar.)
      Cost of Goods Sold $
      Ending Inventory $

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