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Inventory information for Part 311 of Concord Corp. discloses the following information for the month of June. June 1 Balance 11 Purchased 299 units
Inventory information for Part 311 of Concord Corp. discloses the following information for the month of June. June 1 Balance 11 Purchased 299 units @ $11 798 units @ $14 June 10 Sold 197 units @ $27 15 Sold 503 units @ $29 20 Purchased 502 units @ $15 27 22 Sold 305 units @ $31 Assuming that the periodic inventory method is used, compute the cost of goods sold and ending inventory under (1) LIFO and (2) FIFO. Cost of goods sold Ending inventory $ SA A (1) LIFO S (2) FIFO 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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