During June, the following changes in inventory item 27 took place: June 1 Balance 1,400 units @
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Question:
During June, the following changes in inventory item 27 took place:
June 1 Balance 1,400 units @ $24
14 Purchased 800 units @ $36
24 Purchased 700 units @ $30
8 Sold 400 units @ $50
10 Sold 1,000 units @ $40
29 Sold 600 units @ $44
Perpetual inventories are maintained.
Required:
What is the cost of the ending inventory for item 27 under the following methods? (Show calculations.)
a. FIFO.
b. LIFO.
Related Book For
Intermediate Accounting
ISBN: 978-0324300987
10th Edition
Authors: Loren A Nikolai, D. Bazley and Jefferson P. Jones
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