Chapter 6-Homework 1. The following data regarding purchases and sales of a commodity were taken from the related perpetual inventory account: July 3 Balance 6 Sale 25 units at $63 20 units 8 Purchase 20 units at $64 18 Sale 10 units 20 Purchase 23 Sale units at $65 units 25 units at $66 7 units 27 Purchase 15 31 Sale Calculate the cost of the ending inventory at July31, 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.
Chapter 6-Homework 1. The following data regarding purchases and sales of a commodity were taken from the related perpetual inventory account: July 3 Balance 6 Sale 25 units at $63 20 units 8 Purchase 20 units at $64 18 Sale 10 units 20 Purchase 23 Sale units at $65 units 25 units at $66 7 units 27 Purchase 15 31 Sale Calculate the cost of the ending inventory at July31, 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.
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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What is lifo and fifo
Transcribed Image Text:Chapter 6-Homework
1.
The following data regarding purchases and sales of a commodity were taken from the related
perpetual inventory account:
July 3 Balance
6 Sale
25
units at $63
20 units
8 Purchase
20
units at $64
18 Sale
10 units
20 Purchase
23 Sale
units at $65
units
25
units at $66
7 units
27 Purchase
15
31 Sale
Calculate the cost of the ending inventory at July31, 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.
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