Question - Perpetual Inventory, FIFO, Weighted Average Cost
Transactions for Littlejohn Ltd. for the month of June were:
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Purchases
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Sales
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June 1
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(balance) 400 @ $3.20
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June 2
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300 @ $5.50
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June 3
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1,100 @ 3.10
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June 6
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800 @ 5.50
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June 7
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600 @ 3.30
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June 9
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500 @ 5.50
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June 15
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900 @ 3.40
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June 10
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200 @ 6.00
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June 22
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250 @ 3.50
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June 18
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700 @ 6.00
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June 25
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150 @ 6.00
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Littlejohn uses the periodic inventory system.
Required:
a) What is the ending inventory balance in dollars if Littlejohn uses the FIFO inventory system?
b) What is the ending inventory balance in dollars if Littlejohn uses the weighted average-cost basis (round to the nearest dollar).