7m Inventory information for Part 311 of Waterway Corp. discloses the following information for the month of June.June 11120(a)BalancePurchasedPurchasedYour answer is correct.301 units @ $16797 units @ $19503 units @ $20Cost of goods soldEnding inventory$$June 10Assuming that the periodic inventory method is used, compute the cost of goods sold and ending inventory under (1) LIFO and (2)FIFO,(1)LIFO19351152710668SoldSoldSold197 units @ $37498 units @ $39297 units @ $42(2)FIFO1794512074 Cost of goods soldEnding inventory(b)eTextbook and MediaYour answer is incorrect.(1)LIFOThe ending inventory at LIFO19351$10668DLA$FIFO1794512074Assuming that the perpetual inventory method is used and costs are computed at the time of each withdrawal, what is the value ofthe ending inventory at LIFO?Attempts: 1 of 3 used

Inward Outward Balance Date Qty Rate Total Qty Rate Total Qty Rate Total…

Answered: ed ed 301 units @ $16 797 units @ $19…

ed ed 301 units @ $16 797 units @ $19 503 units@ $20 June 10 15 27 Sold 197 units @ $37 Sold 498 units @ $39 297 units@ $42 Sold

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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Question

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Inventory information for Part 311 of Waterway Corp. discloses the following information for the month of June.
June 1
11
20
(a)
Balance
Purchased
Purchased
Your answer is correct.
301 units @ $16
797 units @ $19
503 units @ $20
Cost of goods sold
Ending inventory
$
$
June 10
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
19351
15
27
10668
Sold
Sold
Sold
197 units @ $37
498 units @ $39
297 units @ $42
(2)
FIFO
17945
12074

Cost of goods sold
Ending inventory
(b)
eTextbook and Media
Your answer is incorrect.
(1)
LIFO
The ending inventory at LIFO
19351
$
10668
D
LA
$
FIFO
17945
12074
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?
Attempts: 1 of 3 used

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