FIFO & LIFO ASSIGNMENT Beginning inventory, purchases, and sales data on Commodity A, as taken...
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FIFO & LIFO ASSIGNMENT Beginning inventory, purchases, and sales data on Commodity A, as taken from Rich Companys perpetual inventory account, were as follows:
July 1 Beginning inventory 5 units @4 =$20 15 units $5 =$75 6 SALE 16 UNITS 10 PURCHASE 15 UNITS @$6 20 SALE 11 UNITS 30 PURCHASE 10 UNITS @$7 31 SALE 7 UNITS
Determine the cost of the ending inventory at JULY 31, by: (a) the first- in-first- out method, and (b) the last-in- first- out method.
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