Question
Inventory information for part 311 of headland corp. discloses the following information for the month of june June 1 balance 295 units @$ 12 June
Inventory information for part 311 of headland corp. discloses the following information for the month of june
June 1 balance 295 units @$ 12 June sold 196 units @ $ 30
11 purchased 799 units @ $ 15 15 sold 505 units @$31
20 purchased 498 units @ 16 27 sold 296 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) (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
Ending inventory at LIFO $_______________________________________
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