The following data regarding purchases and sales of a commodity were taken from the related...
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Accounting
The following data regarding purchases and sales of a commodity were taken from the related perpetual inventory account: June 1 Balance 6 Sale 25 units at $60 20 units 20 units at $61 8 Purchase 16 Sale 10 units 20 Purchase 20 units at $62 23 Sale 25 units 30 Purchase 15 units at $63 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 ( Lo) method, Identify the quantity, unit price, and total cost of each lot in the inventory. (a) First-In, First-Out (FIFO): units at units at Total (b) Last-In, First-Out (LIFO): units at il units at mond units at Total
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