Exercise 8-13

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

June 1 Balance 303 units @ $12 June 10 Sold 196 units @ $29

11 Purchased 797 units @ $15 15 Sold 498 units @ $30

20 Purchased 502 units @ $16 27 Sold 303 units @ $33

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 $ $

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) $