Inventory information for Part 311 of Skysong Corp. discloses the following information for the month of June. June 1 Balance 301 units @ $12 June
Inventory information for Part 311 of Skysong Corp. discloses the following information for the month of June.
June 1 | Balance | 301 units @ $12 | June 10 | Sold | 200 units @ $28 | |||||
---|---|---|---|---|---|---|---|---|---|---|
11 | Purchased | 804 units @ $14 | 15 | Sold | 504 units @ $29 | |||||
20 | Purchased | 497 units @ $15 | 27 | Sold | 304 units @ $32 |
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 | $enter a dollar amount | $enter a dollar amount | ||
Ending Inventory | $enter a dollar amount | $enter a dollar amount |
Question Part Score
--/4
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 | $enter The ending inventory at LIFO in dollars |
Question Part Score
--/3
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) | $enter the Gross Profit (FIFO) in dollars |
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