E8-14B (FIFO, LIFO, and Average Cost Determination) Latrio Company’s record of transactions for the month of June was as follows.

E8-14B (FIFO, LIFO, and Average Cost Determination) Latrio Company’s record of transactions for the

month of June was as follows.

                             Purchases                                                     Sales                                   

      June 1 (balance on hand) 2,000 @ $10.00            June 5          500 @ $21.00

               2                               1,500 @ 10.05                       8       1,600 @ 22.00

               7                                  600 @ 10.50                       9          700 @ 22.00

             15                                  900 @ 11.00                     18       1,800 @ 21.00

             20                               1,200 @ 11.00                      30         700 @ 23.00

             27                                  300 @ 11.10                                5,300

                                                6,500 

Instructions

(a) Assuming that periodic inventory records are kept, compute the inventory at June 30 using (1) LIFO and (2) average cost.

(b) Assuming that perpetual inventory records are kept in both units and dollars, determine the inventory at June 30 using (1) FIFO and (2) LIFO.