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The following data regarding purchases and sales of a commodity were taken from the related perpetual inventory account: June 1 Balance 25 units at
The following data regarding purchases and sales of a commodity were taken from the related perpetual inventory account: June 1 Balance 25 units at $60 6 Sale 20 units 8 Purchase 20 units at $61 16 Sale 10 units 20 Purchase 20 units at $62 23 Sale 25 units 30 Purchase 15 units at $63. Determine the cost of the ending inventory at June 30, using (a) the first-in, first-out (FIFO) method and (b) the last-in, first-out (LIFO) method. Identify the quantity, unit price, and total cost of each lot in the inventory. a. First-In, First-Out (FIFO): Total b. Last-In, First-Out (LIFO): Total units at units at units at units at units at
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