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Using Periodic/LIFO accounting for inventory method – what is Bugatti’s cost of goods sold for the month of June?

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Bugatti Inc. has the following inventory record of sales and purchases:

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June 1 – Beginning Balance                                   100 units @ $10 each

June 6 – Sale of 10 Units @ $40 each

June 8 – Purchase                                       200 Units @ $15 each

June 16 – Sale of 120 Units @ $50 each

June 20 – Purchase                                     300 Units @ $20 each

June 23 – Sale of 100 Units @ 50 each

June 30 – Purchased                                                50 Units @ $25 each

1.    Using Periodic/LIFO accounting for inventory method – what is Bugatti’s cost of goods sold for the month of June?

2.    Using the Periodic/AVERAGE accounting for inventory method – what is Bugatti’s cost of goods sold for the month of June?

3.    Using the Perpetual/LIFO accounting for inventory method – what is Bugatti’s cost of goods sold for the month of June?

4.    Using the Perpetual/FIFO accounting for inventory method – what is Bugatti’s gross margin for the month of June?

5.    In a period of rising prices for Bugatti’s inventory which financial statement is more accurate [reflecting the reality of rising prices] when Bugatti adopts LIFO accounting principles — Balance Sheet or Income Statement? – PLEASE STATE WHY.

 
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