Problem - Inventory information for Part#311A of Bonds Corp. discloses the following information for the month of June.
June 1 balance 450 units @$1
June 10 Sold 300 units @ $2.40
June 11 Purchased 1,200 units @$2
June 15 sold 750 units @$2.50
June 20 Purchased 750 units @$3
June 27 sold 450 units @ $2.70
Assuming that the periodic inventory method is used, compute the cost of goods sold and ending inventory under the LIFO and the FIFO.