ABC Corporation uses a perpetual inventory system. The following transactions affected itsmerchandise inventory during the month...

ABC Corporation uses a perpetual inventory system. The following transactions affected itsmerchandise inventory during the month of June 2018:June 2 Inventory on hand-1,500 units; cost$4.50 each. 6 Purchased 5,000 units for $5.00 each. 13 .Sold 5,500 units for $10.00 each. 21 Purchased 8,000 units for $5.50 each. 26 Sold 5,000 units for $9.00 each. 30 Inventory on hand-4,000 units. Determine the inventory balance ABC would report in its June 30, 2018, balance sheet and the cost of goods sold it would report in its June 2018 income statement using each of the following cost flow methods: a. First-in, first-out (FIFO)b. Last-in, first-out (LIFO)c. Average cost

can you explain how to do the three methods for me

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ekkarill92 answered 11 months ago

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