Question
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
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. Use the cost sheets included in the response template to complete your answer.
(b) LIFO:
| Purchases | Cost of Merchandise Sold | Merchandise Inventory | ||||||
Date | Quantity | Unit Cost | Total Cost | Quantity | Unit Cost | Total Cost | Quantity | Unit Cost | Total Cost |
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(a) FIFO:
| Purchases | Cost of Merchandise Sold | Merchandise Inventory | ||||||
Date | Quantity | Unit Cost | Total Cost | Quantity | Unit Cost | Total Cost | Quantity | Unit Cost | Total Cost |
Jun. 1 |
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