16 May QuestionInventory valuation
Question
Inventory valuation
During June, the following changes in inventory item #27 took place:
| June 1 | Balance | 1,400 units @ $24 | ||
| 14 | Purchased | 800= units @ $36 | ||
| 24 | Purchased | 700 units @ $30 | ||
| 8 | Sold | 400 units @ $50 | ||
| 10 | Sold | 1,000 units @ $40 | ||
| 29 | Sold | 600 units @ $44 |
Perpetual inventories are maintained.
Instructions
What is the cost of the ending inventory for item #27 under the following methods? (Show calculations.)=
(a) FIFO.
(b) LIFO.
(c) Moving average
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