FIFO and LIFO Inventory Methods
During June, the Following Changes

question 62

Essay

FIFO and LIFO inventory methods
During June, the following changes in inventory item 27 took place:
$$\begin{array} { l l l l } \text { June } & 1 & \text { Balance } & 1,400 \text { units } @ \$ 24 \\&14 & \text { Purchased } & \text { g00 units } @ \$ 56 \\&24 & \text { Purchased } & 700 \text { units } @ \$ 50 \\&8 & \text { sold } & 400 \text { units } @ \$ 50 \\&10 & \text { sold } & 1,000 \text { units } @ \$ 40 \\&29 & \text { sold } & 500 \text { units } @ \$ 44\end{array}$$ 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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Definitions:

Avoidance-Avoidance Conflict

A psychological conflict that arises when an individual must choose between two negative or undesirable options.

Performance Goals

Objectives set for specific achievements or outcomes, often used to evaluate an individual's effectiveness.

Mastery Goals

Objectives focused on developing competence or mastering a skill rather than comparing oneself to others.

Need For Achievement

A psychological drive that motivates individuals to accomplish goals and excel.