2: Record the inventory transaction in the month of june 2020, Under LIFO , FIFO and AVG find the closing inventory at the end of the month. In this question value (x) is your UNIVERSITY ROLL NUMBER Date                           Transaction  Details                                                                                                                 1-June                        Balance 800 units @ 10 Per unit 3-June                        Purchase 100 Units @ (X) Per unit (157) 8-June                        Unit Sold 100 19-June                     Purchase 400 Units @ (X) Per Unit (157 25-June                     Unit Sold 800

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A: FIFO ledger Formulas   Moving Weighted Moving Average Formula

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A: Under FIFO method, the ending inventory consists of the most recent inventory purchased. The first…

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A: LIFO (Last-in-First Out): As per LIFO method, units purchased last are sold first.

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A: FIFO (FIRST IN FIRST OUT METHOD) GOODS WHICH ARE PURCHASED FIRST ARE SOLD FIRST .

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A: Answer: Journal Entries:

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A: Under the FIFO method, inventory that is purchased first is also sold first.

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