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

June 1	Balance	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

Determine 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. Use the cost sheets included in the response template to complete your answer.

(b) LIFO:

	Purchases			Cost of Merchandise Sold			Merchandise Inventory
Date	Quantity	Unit Cost	Total Cost	Quantity	Unit Cost	Total Cost	Quantity	Unit Cost	Total Cost

(a) FIFO:

	Purchases			Cost of Merchandise Sold			Merchandise Inventory
Date	Quantity	Unit Cost	Total Cost	Quantity	Unit Cost	Total Cost	Quantity	Unit Cost	Total Cost
Jun. 1

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