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factory and the cost First in first out (FIFO) and last-in, first-out (LIFO) method. "10...

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factory and the cost First in first out (FIFO) and last-in, first-out (LIFO) method. "10 6. The Fine Dealings Inc. has the following transactions for the second month of operations: Date Purchases Sales July 01 10,000 units @ $10.00 per unit 05 15,000 units @ $10.20 per unit 12,000 units 15 5,000 units @ $10.50 per unit 20 6,000 units 25 10,000 units @ $10.75 per unit 30 5,000 units The Fine Dealings Inc. uses last-in, first out (LIFO) method for inventory valuation purposes. There was no inventory on hand at the beginning of the month of July. Required: Compute the cost of goods sold during the month and inventory on hand at the end of the month under: 1. LIFO periodic system. 2. LIFO perpetual system. 3. Average system

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