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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 $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, June 6: Sale 20 units, June 8: Purchase 20 units at $61, June 16: Sale 10 units, June 20: Purchase 20 units at $62, June 23: Sale 25 units, June 30: Purchase 15 units at $63 Determine the cost of the inventory balance at June 30, using (1) the first-in, first-out method and (2) the last-in, first-out method. Identify the quantity, unit price, and total cost of each lot in the inventory.
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