The Following Data Regarding Purchases and Sales of a Commodity

question 105

Essay

The following data regarding purchases and sales of a commodity were taken from the related perpetual inventory account:
$\begin{array}{rlll}\text { June } 1 & \text { Balance } & \quad \quad&25 \text { units at } \$ 60 \\6 & \text { Sale } & \quad \quad& 20 \text { units } \\8 & \text { Purchase } & \quad \quad& 20 \text { units at } \$ 61 \\16 & \text { Sale } & \quad \quad&10 \text { units } \\20 & \text { Purchase } & \quad \quad& 20 \text { units at } \$ 62 \\23 & \text { Sale } & \quad \quad&25 \text { units } \\30 & \text { Purchase } & \quad \quad& 15 \text { units at } \$ 63\end{array}$
Calculate 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.

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