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

June1 Balance 301units @$16 June 10 Sold 197units @ $37

11 Purchased 797units @ $19 15 Sold 498units @ $39

20. Purchased 503units @ $20 27 Sold 297units @ $42

Assuming that the periodic inventory method is used, compute the cost of goods sold and ending inventory under

(1) LIFO and (2) 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?

the ending inventory at LIFO $_______

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) $_______