The Following Are Data Available for Blue Grass for the Month

Essay

The following are data available for Blue Grass for the month of June:
$\begin{array}{ll}\text { Sales } & 2,400 \text { units } \\\text { Beginning inventory } & 600 \text { units @ } \$ 8.00 \\ \text { Purchases, in chronological order } & 1,200 \text { units @ } \$ 8.40\\&800 \text { units@\$8.80 } \\&1,000 \text { units @\$9.00 }\end{array}$

(a.)Calculate cost of goods sold and ending inventory under the following cost flow assumptions:
(1.)Weighted-average
(2.)FIFO
(3.)LIFO
(b.)Assume net income using the weighted average cost flow assumption was $12,800.Calculate net income under FIFO and LIFO.