Inventory valuation

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During June, the following changes in inventory item #27 took place:

 

 

June   1

 

Balance

 1,400 units @ $24

 

14

 

Purchased

 800= units @ $36

 

24

 

Purchased

700 units @ $30

 

8

 

Sold

400 units @ $50

 

10

 

Sold

1,000 units @ $40

 

29

 

 Sold

600 units @ $44

Perpetual inventories are maintained.

Instructions

What is the cost of the ending inventory for item #27 under the following methods?  (Show calculations.)=

(a)     FIFO.

 (b)     LIFO.

 

(c)  Moving average

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