Question: (5 points) During June, the following changes in inventory item A took place 1- June Balance 1,000 units@ $20 8-jun sold 600 units @$50 10-june

(5 points) During June, the following changes in inventory item A took place

1- June Balance 1,000 units@ $20

8-jun sold 600 units @$50

10-june purchased. 800 units @ $25

14 June sold 700 units@ $50

24 June purchased. 500 units@ $26

30 June ending........... 1,000 units

Instructions

What is the cost of goods sold and the ending inventory for item A under the following methods?

(Show calculations.)

A. Periodic Ending Inventory Cost of goods sold

(a) FIFO

B. Perpetual

(b) LIFO

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