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

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solution


Question

The following data regarding purchases and sales of a commodity were taken from the related perpetual;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;a) Determine the cost of the inventory balance at May 31, using;(1) the first-in, first-out method and;(2) the last-in, first-out method.;Identify the quantity, unit price, and total cost of each lot in the inventory.;b) Present the journal entry to record a shortage (shirnkage) of $53 discovered by the physical count on May 31.

 

Paper#74634 | Written in 18-Jul-2015

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