## Answers

**Answer:**

**Under Periodic inventory Method & FIFO**

Cost of goods sold | $6,350 |

Cost of Ending inventory | $1,050 |

**Calculations:**

Date | Description | Units | x | Cost/unit | = | Total |

June 1 | Beginning inventory | 150 | x | $10 | = | $1,500 |

June 9 | Purchase 1 | 200 | x | $12 | = | $2,400 |

June 22 | Purchase 2 | 250 | x | $14 | = | $3,500 |

Cost of goods available for sale | 600 | $7,400 | ||||

June 14 | Cost of sale 1: | |||||

From beginning inventory | 150 | x | $10 | = | $1,500 | |

From purchase 1 | 150 | x | $12 | = | $1,800 | |

June 29 | Cost of sale 2: | |||||

From purchase 1 | 50 | x | $12 | = | $600 | |

From purchase 2 | 175 | x | $14 | = | $2,450 | |

Cost of goods sold | 525 | $6,350 | ||||

June 30 | Cost of Ending balance: | |||||

From purchase 2 [250-175] | 75 | x | $14 | = | $1,050 | |

Cost of Ending balance | 75 | $1,050 | ||||

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