A Company Uses the Periodic Inventory System,and the Following Information

Essay

A company uses the periodic inventory system,and the following information is available.All purchases and sales are on credit.The selling price for the merchandise is $11 per unit.
$$\begin{array} { | l | l | l | l | l | } \hline & & \text { Units } & \text { Unit Cost } & \text { Total Cost } \\\hline 6 / 01 & \text { Inventory Balance } & 30 & \$ 3 & \$ 90 \\\hline 6 / 06 & \text { Purchase } & 70 & 4 & 280 \\\hline 6 / 11 & \text { Purchase } & 45 & 5 & 225 \\\hline 6 / 16 & \text { Purchase } & 50 & 6 & 300 \\\hline & \text { Goods available } & 195 & & \$ 895 \\\hline 6 / 12 & \text { Sale } & 100 & & \\\hline 6 / 20 & \text { Sale } & 60 & & \\\hline & \text { Goods sold } & 160 & & \\\hline 6 / 31 & \text { Inventory Balance } & 35 & & \\\hline\end{array}$$ Required:
Determine the cost of the ending inventory and the cost of goods sold for June using the LIFO method.