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During June, the following changes in inventory item 27 took place:
June 1 Balance 1,400 units @ 24
14 Purchased 900 units @ 36
24 Purchased 700 units @ 30
8 Sold 400 units @ 50
10 Sold 1,000 units @ 40
29 Sold 500 units @ 44
Perpetual inventories are maintained in units only.
Instructions
What is the cost of the ending inventory for item 27 under the following methods? (Show calculations.)
(a) FIFO.
(b) Average Cost.
Answer & Explanation
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