The following data regarding purchases and sales of a commodity were taken from the related perpetual inventory account: 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.

Question

The following data regarding purchases and sales of a commodity were taken from the related perpetual inventory account:  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.

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The Answer of The following data regarding purchases and sales of a commodity were taken from the related perpetual inventory account:  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.

The Following Data Regarding Purchases and Sales of a Commodity