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What is the cost of the ending inventory for item

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Reference no: EM132687253

During June, the following changes in inventory item 27 took place:

June 1 Balance 1,400 units @ $36

14 Purchased 800 units @ $54

24 Purchased 700 units @ $45

8 Sold 400 units @ $75

10 Sold 1,000 units @ $60

29 Sold 500 units @ $66

Perpetual inventories are maintained.

Instructions

Problem 1: What is the cost of the ending inventory for item 27 under the following methods? (Show calculations.)

(a) FIFO.

(b) LIFO.

Reference no: EM132687253

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