Reference no: EM131217672
Inventory information for Part 311 of Skysong Corp. discloses the following information for the month of June.
June 1 Balance 304 units @ $13 June 10 Sold 205 units @ $30
11 Purchased 804 units @ $15 15 Sold 504 units @ $32
20 Purchased 498 units @ $16 27 Sold 295 units @ $34
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 $ $ = =
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) $ =
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