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Question - During June, the following changes in inventory item 27 took place:
June 1 Balance 1,400 units @ $24
June 14 Purchased 800 units @ $36
June 24 Purchased 700 units @ $30
June 8 Sold 400 units @ $50
June 10 Sold 1,000 units @ $40
June 29 Sold 500 units @ $44
Perpetual inventories are maintained.
Required - What is the cost of the ending inventory for item 27 under the following methods? (Show calculations.)
(a) FIFO.
(b) LIFO.
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