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 ($) | ||
| 1/6 | Beginning inventory | 1050 | 18,900 |
| 10/6 | Purchase | 750 | 14,175 |
| 15/6 | Purchase | 450 | 8,910 |
| 23/6 | Purchase | 750 | 15,750 |
| Totals | 3,000 | $57,735 |
A physical count on 30 June verified that 975 units were on hand.
Required:
- 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.
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