A. The following data regarding purchases and sales of a commodity were taken from the related perpetual inventory account:
| 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 |
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1. Calculate the Cost of Merchandise Sold and Ending Inventory using FIFO 2. Calculate the Cost of Merchandise Sold and Ending Inventory using LIFO 3. Calculate the Cost of Merchandise Sold and Ending Inventory using Weighted Average Method
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B. Brutus Corporation, a newly formed corporation, has the following transactions during May, 2011, it’s first month of operation.
| May 1 | Purchased 500 units @ $25.00 each |
| May 4 | Purchased 300 units @ $24.00 each |
| May 8 | Purchased 700 units @ $23.00 each |
| May 20 | Purchased 250 units @ $25.25 each |
| May 28 | Purchased 550 units @ $26.00 each |
Total Units sold= 1,525.
Calculate cost of merchandise sold, and ending inventory using each of the following inventory methods:
4. FIFO Periodic
5. LIFO Periodic