XY Ltd’s sells T-shirts. It uses the periodic inventory system. It’s inventory at the beginning of the month June and all purchases during the month of June 2019 are provided as below. Ignore GST.
|Units||Total cost ($)|
A physical count on 30 June verified that 975 units were on hand.
- Determine the Ending inventory and Cost of Sales for the month of June, using the FIFO costing method.
- If all inventories are sold in the same price of $50, prepare the relevant part of the income statement for the month of June.