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Inventory information for Part 311 ofBlueCorp. discloses the following information for the month of June. June 1 Balance 301units @$17 June 10 Sold 195units @

Inventory information for Part 311 ofBlueCorp. discloses the following information for the month of June.

June 1 Balance 301units @$17

June 10 Sold 195units @ $40

June 11 Purchased 802units @ $20

June 15 Sold 496units @ $41

June 20 Purchased 499units @ $21

June 27 Sold 300units @ $45

  1. Assuming that the periodic inventory method is used, compute the cost of goods sold and ending inventory under (1) LIFO and (2) FIFO
  2. 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?
  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?

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