(Answered) Question - the following data regarding purchases and sales

Accounting

Question - The following data regarding purchases and sales of a commodity were taken from the related perpetual inventory account:

June 1 Balance 35 units at $40

June 6 Sale 25 units

June 8 Purchase 30 units at $41

June 16 Sale 20 units

June 20 Purchase 30 units at $42

June 23 Sale 20 units

June 30 Purchase 25 units at $43

Requirements -

1. Determine the Cost of Goods Sold and Ending Inventory using the FIFO inventory costing method,

2. Determine the Cost of Goods Sold and Ending Inventory using the LIFO inventory costing method.

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Accounting Basics, Accounting

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