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 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 Calculate 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): units at units at Total (b) Last-In, First-Out (LIFO): units at units at units at Total

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 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 Calculate 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): units at units at Total (b) Last-In, First-Out (LIFO): units at units at units at Total

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Description: The following data regarding purchases and sales of a commodity were taken from the related perpetual inventory account:June 1Balance25 units at $606.Sale20 unitsPurchase20 units at $6116Sale10 units20Purchase20 units at $6223Sale25 units30Purchase1

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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