Frick Fracking Corp. maintains perpetual inventory records. During June, the following changes in inventory item 27 took place: Purchase Sold Balance June 1 1,000 units (@ $24) - Beginning inventory 8 400 units 10 300 units @ $30 20 500 units 24 400 units @ $33 29 200 units Instructions: 1. What accounts are continuously up-to-date in a perpetual inventory system such as this? 2. What are the number of units and the total cost of goods available for sale for item 27 for the month of June? 3. What is the cost of the ending Inventory for item 27 under the following methods? Show all work and the layers (if applicable) in inventory? (a) FIFO. (b) LIFO. (c) Moving-average cost.

Frick Fracking Corp. maintains perpetual inventory records. During June, the following changes in inventory item 27 took place:

 

                      Purchase                   Sold                Balance

June 1                                                                      1,000 units (@ $24) - Beginning inventory

         8                                             400 units

       10        300 units @ $30

       20                                           500 units

       24        400 units @ $33

       29                                           200 units

 

 

Instructions:

1. What accounts are continuously up-to-date in a perpetual inventory system such as this?

 

2. What are the number of units and the total cost of goods available for sale for item 27 for the month of June?

 

3. What is the cost of the ending Inventory for item 27 under the following methods? Show all work and the layers (if applicable) in inventory?

(a) FIFO.

(b) LIFO.

(c) Moving-average cost.

 

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