During June, the following changes in inventory item for a footwear company took place:

June 1 Balance 14 Purchased 24 Purchased

8 Sold 10 Sold 29 Sold

Perpetual inventories are maintained.

Instructions

1,400 units @ $24 800 units @ $36 700 units @ $30 400 units @ $50

1,000 units @ $40 500 units @ $44

What is the cost of the ending inventory under the following methods? (Show calculations.)

(a) FIFO.

(b) LIFO.

(c) Repeat Part a, assume that the Periodic inventories are maintained instead. Explain the similarity (If you notice any).