Business, 12.08.2020 04:01 sarahalexa19

The following data regarding purchases and sales of a commodity were taken from the related perpetual inventory account: June 1Balance 25 units at $60
6 Sale 20 units
8 Purchase 20 units at $61
16 Sale 10 units
20 Purchase 20 units at $62
23 Sale 25 units
30 Purchase 15 units at $63

Required:
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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Answer from: shelbyhood8329

Under LIFO:

date transaction units unit price total

1 Balance 25 $60 $1,500

6 Sale 20 $60 $1,200

8 Purchase 20 $61 $1,220

16 Sale 10 $61 $610

20 Purchase 20 $62 $1,240

23 Sale 20 $62 $1,240

23 Sale 5 $61 $305

30 Purchase 15 $63 $945

ending inventory = total purchases + beginning balance - COGS = ($1,220 + $1,240 + $945) + $1,500 - ($1,200 + $610 + $1,240 + $305) = $3,405 + $1,500 - $3,355 = $1,550

Under FIFO:

date transaction units unit price total

1 Balance 25 $60 $1,500

6 Sale 20 $60 $1,200

8 Purchase 20 $61 $1,220

16 Sale 5 $60 $300

16 Sale 5 $61 $305

20 Purchase 20 $62 $1,240

23 Sale 15 $61 $915

23 Sale 10 $62 $620

30 Purchase 15 $63 $945

ending inventory = total purchases + beginning balance - COGS = ($1,220 + $1,240 + $945) + $1,500 - ($1,200 + $300 + $305 + $915 + $620) = $3,405 + $1,500 - $3,340 = $1,565

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Answer from: Quest

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