Reference no: EM132464667

Matlock Corporation sells item A as part of its product line. Information as to balances on hand. purchases. and sales of item A are given in the following table for the first six months of 2020.

	Quantities			Unit Price
Date	Purchased	Sold	Balance	of Purchase
January 11	-	-	400	54.65
January 24	1.300	-	1.700	54.90
February 8	-	300	1.400
				-
March 16		560	840
June 11	600	-	1.440	55.10

 

 

 

 

 

 

 

 

 

Instructions (Show all calculations)

Question (a) Compute the ending inventory at June 30 under the perpetual LIFO inventory pricing method.

Question (b) Compute the cost of goods sold for the first six months under the periodic FIFO inventory pricing method.