Question
Inventory information for Part 9000 of Norton Corp. discloses the following information for the month of June: June 1 Balance 500 units @ $200 June
Inventory information for Part 9000 of Norton Corp. discloses the following information for the month of June:
June 1 | Balance | 500 units @ $200 | June 10 | Sold | 200 units @ $30 | |||||
June 11 | Purchased | 400 units @ $22 | June 15 | Sold | 300 units @ $35 |
a) Assuming that the PERPETUALinventory method is used, compute the cost of goods sold AND ending inventoryunder LIFO. Show your calculation?
b) Assuming that the PERIODICinventory method is used, compute the cost of goods sold AND ending inventoryunder LIFO. Show your calculation?
c) Compute the cost of goods sold AND ending inventoryunder FIFO. Show your calculation?
d) Compute the cost of goods sold AND ending inventoryunder the weighted-average method. Show your calculation?
using the Perpetual method
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