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Inventory information for Part 311 of Wildhorse Corp. discloses the following information for the month of June. June 1 Balance 301 units @ $15 June
Inventory information for Part 311 of Wildhorse Corp. discloses the following information for the month of June.
June 1 | Balance | 301 units @ $15 | June 10 | Sold | 203 units @ $37 | |||||
---|---|---|---|---|---|---|---|---|---|---|
11 | Purchased | 797 units @ $18 | 15 | Sold | 497 units @ $38 | |||||
20 | Purchased | 497 units @ $20 | 27 | Sold | 298 units @ $41 |
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 |
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