Accounting Question

Testbank Exercise 151

During June, the following changes in inventory item 27 took place:

June 1		Balance		1,300 units	@ $34
8		Sold		300 units	@ $70
10		Sold		1,000 units	@ $60
14		Purchased		800 units	@ $52
24		Purchased		600 units	@ $44
29		Sold		450 units	@ $65

Perpetual inventories are maintained.

What is the cost of the ending inventory for item 27 under the FIFO method?

Cost of the ending inventory

$

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What is the cost of the ending inventory for item 27 under the LIFO method?

Cost of the ending inventory

$

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