Question

Transactions for the month of June were:

Purchases: Sales:

June 1: 800 @ 3.20 June 2: 600 @ 5.50

June 3: 2200 @ 3.10 June 6: 1600 @ 5.50

June 7: 1200 @ 3.30 June 9: 1000 @ 5.50

June 15: 1800 @ 3.40 June 10: 400 @ 6.00

June 22: 500 @ 3.5 June 18: 1400 @ 6.00

June 25: 200 @ 6.00

Assuming that perpetual inventory system is adopted, the ending inventory on a LIFO basis:

(Please show work and reasoning)

Answer 1

sales - Date purchases (ins) (int) unito punit cost uniti punit cost - Ending Inventory (int) units punit cost ante- JuneoCOO 3.20 2560 800 200 3:20 3.20 2560 $640 Jone o 2 - - - 600 2.80 $1900 Tune 03 2-2003'10 6820 - - 1200 2200 3.20 3.10 $640 $ 6810 1600 3110 $4960 90 and - $200 600 3.20 3.10 $640 1860 2.00 3.20 $ 640 June 07 1200 3.30 3960 - 600 3110 1860 03960 1200 3:30 gene og - - - 1000 3.30 $3300 200 600 200 3.20 - 3.10 3:30 $640 $1860 660 Time 15 1800 3.40 $6120 200 600 200 1800 3.20 $649 3.10 $1860 3.30 $660 3-40 $6120 - - - June 10 June 18 - 400 too 3:40 3.40 #2400 $1369 $4760 1400 200 3.20 $640 e 600 3:10 1860 200 3.30 $660 1400 340 64760 € June 22 500 3.5 $1750 - - - 200 600 200 Hyeo 3.20 $648 3.10 $1860 330 $660 sto $4760 35 $1750 500 The 25 - - - s - 20035 700

2оо %: 0 +6чо боо 2-10 09 81 $ про 3:30 #669 Зоо 3.5 $ (os Ending inventory 1300 $42 10 .. Ending inventory = $4210