Solved

The Following Data Regarding Purchases and Sales of a Commodity

Question 162

Essay

The following data regarding purchases and sales of a commodity were taken from the related perpetual inventory account:?  June 1 Balance 25 units at $606 Sale 20 units 8 Purchase 20 units at $6116 Sale 10 units 20 Purchase 20 units at $6223 Sale 25 units 30 Purchase 15 units at $63\begin{array} { r l l } \text { June } 1 & \text { Balance } & 25 \text { units at } \$ 60 \\6 & \text { Sale } & 20 \text { units } \\8 & \text { Purchase } & 20 \text { units at } \$ 61 \\16 & \text { Sale } & 10 \text { units } \\20 & \text { Purchase } & 20 \text { units at } \$ 62 \\23 & \text { Sale } & 25 \text { units } \\30 & \text { Purchase } & 15 \text { units at } \$ 63\end{array} 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.

Correct Answer:

verifed

Verified

\[\begin{array}{l}
\begin{array} { r l r...

View Answer

Unlock this answer now
Get Access to more Verified Answers free of charge

Related Questions

Unlock this Answer For Free Now!

View this answer and more for free by performing one of the following actions

qr-code

Scan the QR code to install the App and get 2 free unlocks

upload documents

Unlock quizzes for free by uploading documents