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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 |
Determine 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.
Answer
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