The following data regarding purchases and sales of a commodity were taken from the related perpetual inventory
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Question:
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 |
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 | $ |
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
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