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Question - During June, the following changes in inventory item 27 took place:
June 1 Balance 1,400 units @ $36
June 14 Purchased 800 units @ $54
June 24 Purchased 700 units @ $45
June 8 Sold 400 units @ $75
June 10 Sold 1,000 units @ $60
June 29 Sold 500 units @ $66
Perpetual inventories are maintained.
Instructions - What is the cost of the ending inventory for item 27 under the following methods? (Show calculations.)
(a) FIFO.
(b) LIFO.
Great Lakes Manufacturing Inc. comparative Statement of Financial Position at December
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