Exercise 8-10

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

June 1 Balance 298units @$10 June 10 Sold 199units @ $24

11 Purchased 797units @ $12 15 Sold 497units @ $26

20 Purchased 505units @ $13 27 Sold 295units @ $28

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

(1) (2)

LIFO FIFO

Cost of goods sold ___________ _____________

Ending Inventory ___________ _____________

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$___________

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)$ _____________

Assistance please!! This LIFO and FIFO calculations are driving me crazy