During June, the following changes in inventory item 27 took place: 1,400 units $36 $54 800...

Transcribed Image Text:

During June, the following changes in inventory item 27 took place: 1,400 units $36 $54 800 units 700 units @ $45 June 1 Balance 4 14 Purchased 5 24 Purchased 2 8 Sold 3 10 Sold 29 Sold 400 units @ $75 1,000 units $60 500 units @ $66 Instructions Assuming a periodic inventory system, what is the cost of the ending inventory for item 27 under the following methods? (a) FIFO (b) LIFO Assuming a perpetual inventory system, what is the cost of the ending inventory for item 27 under the following methods? (a) FIFO (b) LIFO During June, the following changes in inventory item 27 took place: 1,400 units $36 $54 800 units 700 units @ $45 June 1 Balance 4 14 Purchased 5 24 Purchased 2 8 Sold 3 10 Sold 29 Sold 400 units @ $75 1,000 units $60 500 units @ $66 Instructions Assuming a periodic inventory system, what is the cost of the ending inventory for item 27 under the following methods? (a) FIFO (b) LIFO Assuming a perpetual inventory system, what is the cost of the ending inventory for item 27 under the following methods? (a) FIFO (b) LIFO

Answer rating: 100% (QA)

Answer To calculate the cost of ending inventory for item 27 under FIFO and LIFO methods for both periodic and perpetual inventory systems we need to ... View the full answer