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.



  1. Determine the Ending inventory and Cost of Sales for the month of June, using the FIFO costing method.
  2. If all inventories are sold in the same price of $50, prepare the relevant part of the income statement for the month of June.

Click on Buy Solution and make payment. All prices shown above are in USD. Payment supported in all currencies. Price shown above includes the solution of all questions mentioned on this page. Please note that our prices are fixed (do not bargain).

After making payment, solution is available instantly.Solution is available either in Word or Excel format unless otherwise specified.

If your question is slightly different from the above question, please contact us at info@myassignmentguru.com with your version of question.