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What is bugatti cost of goods sold for the month of june

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Reference no: EM131559625

Question -

Bugatti Inc. has the following inventory record of sales and purchases:

June 1 - Beginning Balance 100 units @ $10 each

June 6 - Sale of 10 Units @ $40 each

June 8 - Purchase 200 Units @ $15 each

June 16 - Sale of 120 Units @ $50 each

June 20 - Purchase 300 Units @ $20 each

June 23 - Sale of 100 Units @ 50 each

June 30 - Purchased 50 Units @ $25 each

1. Using Periodic/LIFO accounting for inventory method - what is Bugatti's cost of goods sold for the month of June?

2. Using the Periodic/AVERAGE accounting for inventory method - what is Bugatti's cost of goods sold for the month of June?

3. Using the Perpetual/LIFO accounting for inventory method - what is Bugatti's cost of goods sold for the month of June?

4. Using the Perpetual/FIFO accounting for inventory method - what is Bugatti's gross margin for the month of June?

5. In a period of rising prices for Bugatti's inventory which financial statement is more accurate [reflecting the reality of rising prices] when Bugatti adopts LIFO accounting principles -- Balance Sheet or Income Statement?

Reference no: EM131559625

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