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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Definitions:

Selective Perceptions

The psychological process by which individuals perceive what they want in media messages while ignoring opposing viewpoints.

Inductive Perceptions

The cognitive process of making generalized conclusions or theories based on specific observations or experiences.

Subliminal Perception

The capacity to perceive and respond to stimuli that are presented below the threshold of awareness.

Selective Perception

The process by which individuals perceive what they want to in media messages while ignoring opposing viewpoints due to personal attitudes and beliefs.