FIFO and LIFO Inventory Methods: changes to item 27
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During June, the following changes in inventory item 27 took place:
01-Jun 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 500 units @ $44
Perpetual inventories are maintained.
Instructions
What is the cost of the ending inventory for item 27 under the following methods? (Show calculations.)
(a) FIFO.
(b) LIFO.
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During June, the following changes in inventory item 27 took place:
01-Jun 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 500 units @ ...
Purchase this Solution
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