7) The coffee shop completed the following periodic inventory transactions for a line of merchandise inventory: June 1 B

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7 The Coffee Shop Completed The Following Periodic Inventory Transactions For A Line Of Merchandise Inventory June 1 B 1 (39.85 KiB) Viewed 35 times

7) The coffee shop completed the following periodic inventory transactions for a line of merchandise inventory: June 1 Beginning inventory 20 Units @ $20 each June 12 Purchase 6 Units @ $ 22 each June 20 Sale 14 Units @ $35 each June 24 Purchase 16 Units @ 24 each June 29 Sale 20 Units @ $35 each Requirements: a) Determine the cost of goods sold and ending merchandise inventory by preparing a perpetual inventory record using the FIFO inventory. b) Determine the cost of goods sold and ending merchandise inventory by preparing a perpetual inventory record using the LIFO inventory.