Sagar Pharoah Company uses a periodic inventory system and reports the following for the month of June.DateJune 1122330Explanation Units Unit CostInventory$4PurchasePurchaseInventoryCost of the ending inventory112Cost of goods sold4482802606LA8(a) Compute the cost of the ending inventory and the cost of goods sold under (1) FIFO, (2) LIFO, and (3) average-cost. (Forcalculation purposes, round average cost per unit to 2 decimal places, e.g. 5.25. Round answers to 0 decimal places, e.g.125.)Total CostFIFO$4482,6882,240LA$tA$LIFOLALA$Average-Cost00

Name: Sagar Pharoah Company uses a periodic inventory system and reports the
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Description: Sagar Pharoah Company uses a periodic inventory system and reports the following for the month of June.DateJune 1122330Explanation Units Unit CostInventory$4PurchasePurchaseInventoryCost of the ending inventory112Cost of goods sold4482802606LA8(a) Co

1. FIFO (First-In, First-Out): This method assumes that the oldest inventory is used or sold first,…

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Pharoah Company uses a periodic inventory system and reports the following for the month of June. Date June 1 12 23 30 Explanation Units Unit Cost Inventory $4 Purchase Purchase Inventory 112 448 Cost of goods sold 280 260 Cost of the ending inventory $ 6 $ 8 Total Cost (a) Compute the cost of the ending inventory and the cost of goods sold under (1) FIFO, (2) LIFO, and (3) average-cost. (For calculation purposes, round average cost per unit to 2 decimal places, e.g. 5.25. Round answers to 0 decimal places, e.g 125.) FIFO $448 2,688 2,240 $ $ LIFO $ $ Average-Cost