Question

	Units				$
Date	Received	Issued	Balance		Price	Received	Issued	Balance
1 Jan			1,600		$ 16			$ 25,600
11 Jan	2,000				14	28,000
16 Feb		960
20 Mar		680
22 June	580				15	8,700
18 Aug		950
10 Sept		810
8 Oct	1,510				17	25,670
9 Dec		930
21 Dec	400				18	7,200

find ending inventory cost using:

1. FIFO ( perpetual) (Round the cost amounts to the nearest dollar and round the cost per unit to three decimal points).

2. LIFO (perpetual) (Round the cost amounts to the nearest dollar and round the cost per unit to three decimal points).

Answer 1