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1. FIFO and LIFO-Periodic and Perpetual Inventory information for Part 311 of Seminole Corp. discloses the following information for the month of June.
June 1 Balance 300 units @ $10 June 10 Sold 200 units @ $24
11 Purchased 800 units @ $11 15 Sold 500 units @ $25
20 Purchased 500 units @ $13 27 Sold 250 units @ $27
(a) Assuming that the periodic inventory method is used, compute the cost of goods sold and ending inventory under
(1) LIFO and
(2) FIFO.
(b) 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?
(c) 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?
(d) Why is it stated that LIFO usually produces a lower gross profit than FIFO?
Net income after tax - net income as a percentage of sales - Income tax percentage
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