Exercise 8-10

Inventory information for Part 311 of Flounder Corp. discloses the following information for the month of June.

June 1		Balance		301 units @ $15		June 10		Sold		203 units @ $37
11		Purchased		797 units @ $18		15		Sold		497 units @ $38
20		Purchased		497 units @ $20		27		Sold		298 units @ $41

Assuming that the periodic inventory method is used, compute the cost of goods sold and ending inventory under (1) LIFO and (2) FIFO.

		(1) LIFO		(2) FIFO
Cost of Goods Sold		$		$
Ending Inventory		$		$

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Assuming that the perpetual inventory method is used and costs are computed at the time of each withdrawal, what is the value of the ending inventory at LIFO?

The ending inventory at LIFO		$

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Assuming that the perpetual inventory method is used, and costs are computed at the time of each withdrawal, what is the gross profit if the inventory is valued at FIFO?

Gross Profit (FIFO)		$
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