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

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.