Question
Inventory information for Part 311 of Concord Corp. discloses the following information for the month of June. June 1 Balance 301 units @ $17 June
Inventory information for Part 311 of Concord Corp. discloses the following information for the month of June. June 1 Balance 301 units @ $17 June 10 Sold 195 units @ $40 11 Purchased 802 units @ $20 15 Sold 496 units @ $41 20 Purchased 499 units @ $21 27 Sold 300 units @ $45 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)
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