The following data regarding purchases and sales of a commodity were taken from the related perpetual inventory account: June 1Balance 25 units at $60
6 Sale 20 units
8 Purchase 20 units at $61
16 Sale 10 units
20 Purchase 20 units at $62
23 Sale 25 units
30 Purchase 15 units at $63

Required:
Calculate the cost of the ending inventory at June 30, using (a) the first-in, first-out (FIFO) method and (b) the last-in, first-out (LIFO) method. Identify the quantity, unit price, and total cost of each lot in the inventory.

Under LIFO:

date       transaction         units          unit price          total

1             Balance               25             $60                 $1,500

6            Sale                     20             $60                $1,200

8            Purchase             20             $61                  $1,220

16           Sale                     10              $61                 $610

20          Purchase            20             $62                  $1,240

23          Sale                     20             $62                 $1,240

23          Sale                     5                $61                  $305

30          Purchase             15              $63                 $945

ending inventory = total purchases + beginning balance - COGS = ($1,220 + $1,240 + $945) + $1,500 - ($1,200 + $610 + $1,240 + $305) = $3,405 + $1,500 - $3,355 = $1,550

Under FIFO:

date       transaction         units          unit price          total

1             Balance               25             $60                 $1,500

6            Sale                     20             $60                $1,200

8            Purchase             20             $61                  $1,220

16           Sale                      5               $60                $300

16           Sale                      5               $61                 $305

20          Purchase            20             $62                  $1,240

23          Sale                      15             $61                  $915

23          Sale                      10             $62                  $620

30          Purchase             15              $63                 $945

ending inventory = total purchases + beginning balance - COGS = ($1,220 + $1,240 + $945) + $1,500 - ($1,200 + $300 + $305 + $915 + $620) = $3,405 + $1,500 - $3,340 = $1,565

Trade Unions serve many functions:

Legally, Trade Unions are the representatives of workers in a given industry during collective bargaining with the employer, and a mechanism for enforcement of a contract then agreed upon.

Politically, Trade Unions are the manifestation of the collective power of the working class. A means to balance power between the owners of business, and those that keep the economy running. A bulwark against exploitation, past or future, of an otherwise disadvantaged class.

In the U.K., the function is to organise a workplace and enlist members and hopefully gain recognition, so they can negotiate Terms and Conditions, H&S and pay. There is a lot of rules and laws that restrict the Unions, the end of the closed shop was a big impediment to 100% membership.

Explanation

To provide Cultural, educational and recreational facilities to workers.

To promote Identity of interests of workers.

To enlarge Opportunities for promotion and training of workers.

To safeguard security of Tenure of workers.

To cooperate with Promotion and facilitation of Technological Advancement

To offer responsive cooperation in improving levels of Production & productivity

To promote Welfare of workers.

To improve Working conditions for employees

To secure Fair wages.

That’s it.

These are 9 functions of Trade unions