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Lakshmi Ltd. Uses the perpetual inventory system and reports the following inventory transactions for the...

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Lakshmi Ltd. Uses the perpetual inventory system and reports the following inventory transactions for the month of June: Dat Explanation Units Unit cost Total Cost e 1 Beginning inventory 1,500 $5 7,500 12 Purchases 2,300 $6 13,800 15 Sale (2,500) 16 Purchases 4,500 $7 31,500 23 Purchases 1,500 $8 12,000 27 Sales (5,700) Instructions Determine the cost of goods sold and the cost of ending inventory using (1) FIFO and (2) average cost. Ignore the effect of income tax

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