Exercise 8-10

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

June 1		Balance		302 units @ $15		June 10		Sold		200 units @ $35
11		Purchased		796 units @ $18		15		Sold		499 units @ $37
20		Purchased		501 units @ $19		27		Sold		301 units @ $40

	Your answer is correct.

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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	Your answer is correct.

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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