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Brilliant Company uses the periodic inventory system. The company's beginning inventory and later purchases of inventory during June 2020 were as below:
Jun O 1: Beginning inventory, 45 units @ $25 per unit. Jun 17: Inventory purchased, 80 units @ $28 per unit. Jun 25: Inventory purchased, 65 units @ $32 per unit.Brilliant company sold 100 units during the month of June 2020.
Question a. Calculate the cost of goods sold and ending inventory for June 2020 using both the Weighted Average cost and First in, first out (FIFO) method.
Question b. Record the journal entries for the June 17 purchase of inventory and when 55 units from this lot were sold for $45 each. Assume both purchase of inventory and its sale are on account.
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