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CUITCHFALLempeneriugicas Inventory information for Part 311 of Marigold Corp. discloses the following information for the month of June. 198 units@ $27 498 units @ $28 296 units @ $30 June 1 (a) Balance 11 Purchased 20 Purchased 302 units @ $11 803 units @ $13 498 units@ $14 Cost of goods sold $ Ending inventory $ June 10 (1) LIFO 15 27 Assuming that the periodic inventory method is used, compute the cost of goods sold and ending inventory under (1) LIFO and (2) FIFO. Sold $ Sold Sold (2) FIFO

CUITCHFALLempeneriugicas Inventory information for Part 311 of Marigold Corp. discloses the following information for the month of June. 198 units@ $27 498 units @ $28 296 units @ $30 June 1 (a) Balance 11 Purchased 20 Purchased 302 units @ $11 803 units @ $13 498 units@ $14 Cost of goods sold $ Ending inventory $ June 10 (1) LIFO 15 27 Assuming that the periodic inventory method is used, compute the cost of goods sold and ending inventory under (1) LIFO and (2) FIFO. Sold $ Sold Sold (2) FIFO

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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CUITCHFALLempeneriugicas Inventory information for Part 311 of Marigold Corp. discloses the following information for the month of June. June 1 (a) Balance 11 Purchased 20 Purchased. 302 units @ $11 803 units @ $13 498 units @ $14 Cost of goods sold $ Ending inventory $ June 10 (1) LIFO 15 27 Sold Assuming that the periodic inventory method is used, compute the cost of goods sold and ending inventory under (1) LIFO and (2) FIFO. $ Sold Sold 198 units @ $27 498 units @ $28 296 units @ $30 (2) FIFO
Transcribed Image Text:CUITCHFALLempeneriugicas Inventory information for Part 311 of Marigold Corp. discloses the following information for the month of June. June 1 (a) Balance 11 Purchased 20 Purchased. 302 units @ $11 803 units @ $13 498 units @ $14 Cost of goods sold $ Ending inventory $ June 10 (1) LIFO 15 27 Sold Assuming that the periodic inventory method is used, compute the cost of goods sold and ending inventory under (1) LIFO and (2) FIFO. $ Sold Sold 198 units @ $27 498 units @ $28 296 units @ $30 (2) FIFO
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