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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 01: Beginning inventory, 55 units @ $35 per unit.
Jun 17: Inventory purchased, 80 units @ $28 per unit.
Jun 25: Inventory purchased, 65 units @ $32 per unit.
Brilliant company sold 120 units during the month of June 2020.
Required:
Problem 1: 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.
Problem 2: Also 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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