Brushy Corp. had the following information related to its June 2019 inventory: Date Transaction Type...
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Brushy Corp. had the following information related to its June 2019 inventory: Date Transaction Type Number of Units Unit Cost Total Cost 6/1/19 Beginning inventory 60 $71 $4,260 6/18/19 Purchase 180 $72 $12,960 6/23/19 Purchase 190 $74 $14,060 Brushy sold 350 units of inventory on account at a price of $88 per unit on 6/28/19. REQUIREMENT 166 points): Using First-in-First-Out (FIFO) inventory cost method: (1)Provide Ending Inventory in Units on 6/30/19, (2)Provide Ending Inventory Account Balance on 6/30/19, and (3) June 2019 Cost of Goods Sold. LABEL & SHOW YOUR WORK REQUIREMENT 2 (6 points): Using Last-in-First-Out (LIFO) inventory cost method: (1)Provide Ending Inventory in Units on 6/30/19, (2)Provide Ending Inventory Account Balance on 6/30/19, and (3) June 2019 Cost of Goods Sold. LABEL & SHOW YOUR WORK REQUIREMENT 3 (4 points) Prepare the journal entry to record June sales and cost of goods sold assuming Brushy used the LIFO inventory cost method
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