Inventory information for Part 311 of Waterway Corp. discloses the following information for the month of June: June 1 (a) 11 20 Balance Purchased Purchased 460 units @ $1 1,200 units @ $2 740 units @ $3 Your answer is incorrect. Cost of goods sold $ Ending inventory $ June 10 (1) LIFO 15 27 Assuming that the periodic inventory method is used, compute the cost of goods sold and ending inventory under (1) LIFO and (2) FIFO. $ Sold $ Sold Sold 300 units @ $2.40 740 units @ $2.50 460 units @ $2.70 (2) FIFO

Inventory information for Part 311 of Waterway Corp. discloses the following information for the month of June: (a) 6. Your answer is incorrect. Assuming that the periodic inventory method is used, compute the cost of goods sold and ending inventory under (1) LIFO and (2) FIFO