Almond Limited uses a periodic inventory system. On June 24, the company sold 600 units. The following additional information is available:
Units Unit Cost Total Cost
June 1 inventory 200 $12 $2,400
June 3 purchase 400 14 5,600
June 23 purchase 400 15 6,000
TOTAL 1,000 $14,000
Required
3. Calculate the June 30 inventory and the June cost of goods sold, using the weighted average cost formula. Round per-unit cost to two decimal places.
4. Calculate the June 30 inventory and the June cost of goods sold, using the FIFO formula.
5. Assume that 200 units sold on June 24 had a unit cost of $12; 300 had a unit cost of $14; and the remaining 100 units had a unit cost of $15. Calculate the June 30 inventory and the June cost of goods sold, using the specific identification method.
