The following data regarding purchase and sale of commodity were taken from the related inventory account:.
May 1 Balance...................25 units at $50
6 Sale 20 units
8 Purchase 20 units at $51
16 Sale 10 units
20 Purchase 20 units at $52
23 Sale 25 units
30 Purchase l5 units at $53
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.