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.

Financial Accounting
15th Edition
ISBN:9781337272124
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter7: Inventories
Section: Chapter Questions
Problem 2PEB: Beginning inventory, purchases, and sales for Item Delta are as follows: Assuming a perpetual...
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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
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.

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