Exercise 8-10

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

June 1		Balance		298 units @ $11		June 10		Sold		200 units @ $26
11		Purchased		802 units @ $13		15		Sold		497 units @ $27
20		Purchased		497 units @ $14		27		Sold		300 units @ $29

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)

$