56 Leonard Corporation uses a perpetual inventory system. The following transactions affected its me

56 Leonard Corporation uses a perpetual inventory system. The following transactions affected its merchandise Inventory during the month of June 2016 Units Unit Cost Selling Price June 1. Inventory. 180 $ 25 16. Sale 120S 14 Purchase 100 $ 30 19 Sale 130 25 Sale 25 . 28. Purchase 260 30 Sale 65. .. $ 2. 72 Required a. Determine the Inventory balance Duran would report in Its June 2016, balance sheet and the cost of goods sold.It would report in its June 2016 Income statement using the following cost flow methods. 1. FIFO 2. LIFO b. Calculate Gross profit under each method: 1. FIFO 2. LIFO

 

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