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ABC Company had the following purchases and sales in June. What is the ending June inventory...

ABC Company had the following purchases and sales in June. What is the ending June inventory balance using the periodic FIFO and perpetual LIFO methods? Date Action Units Cost June 1 Beg. Inventory 100 $2 June 6 Sale 50 June 9 Purchase 200 $4 June 15 Sale 175 June 20 Purchase 100 $5 June 25 Sale 125

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Answer #1
FIFO METHDO - PERIODICAL METHOD
COST OF GOODS AVAILABLE FOR SALE COST OF GOODS SOLD CLOSING STOCK
Date Particulars Units Cost Per unit Total Units Cost Per unit Cost of Goods Sold Units Cost Per unit Ending inventory
June.01 Beginning inventory                            100 $                2.00 $                     200                       100 $           2.00 $                 200
June.09 Purchases                            200 $                4.00 $                     800                       200 $           4.00 $                 800
June.20 Purchases                            100 $                5.00 $                     500                          50 $           5.00 $                 250                      50 $           5.00 $                 250
Total Goods Available For sale                            400 $                  1,500                       350 $             1,250                      50 $                 250
LIFO METHDO - PERPETUAL METHOD
COST OF GOODS AVAILABLE FOR SALE COST OF GOODS SOLD CLOSING STOCK
Date Particulars Units Cost Per unit Total Units Cost Per unit Cost of Goods Sold Units Cost Per unit Ending inventory
June.01 Beginning inventory                    100 $           2.00 $                 200
June.06 Sales                          50 $           2.00 $                 100                      50 $           2.00 $                 100
June.09 Purchases                            200 $                4.00 $                     800                      50 $           2.00 $                 100
                   200 $           4.00 $                 800
June.15 Sales                       175 $           4.00 $                 700                      50 $           2.00 $                 100
                     25 $           4.00 $                 100
June.20 Purchases                            100 $                5.00 $                     500                      50 $           2.00 $                 100
                     25 $           4.00 $                 100
                   100 $           5.00 $                 500
June .25 Sales                       100 $           5.00 $                 500
                         25 $           4.00 $                 100                      50 $           2.00 $                 100
Total Goods Available For sale                            300 $                  1,300                       350 $             1,400                      50 $                 100
Answer = FIFO - Periodical LIFO - Perpetual
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