Inventory information for Part 311 of Blue Corp. discloses the following information for the month of June. June 1 (a) 11 20 301 units @ $17 802 units @ $20 Purchased 499 units @ $21 Balance Purchased Cost of goods sold $ Ending inventory $ June 10 (1) LIFO 15 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 27 Sold $ 195 units @ $40 496 units @ $41 300 units @ $45 (2) FIFO

Inventory information for Part 311 of Blue Corp. discloses the following information for the month of June. June 1 (a) 11 20 301 units @ $17 802 units @ $20 Purchased 499 units @ $21 Balance Purchased Cost of goods sold $ Ending inventory $ June 10 (1) LIFO 15 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 27 Sold $ 195 units @ $40 496 units @ $41 300 units @ $45 (2) FIFO

Name: Inventory information for Part 311 of Blue Corp. discloses the follow
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Description: Inventory information for Part 311 of Blue Corp. discloses the following information for the month of June.June 1(a)1120301 units @ $17802 units @ $20Purchased 499 units @ $21BalancePurchasedCost of goods soldEnding inventoryJune 10(1)LIFO1527SoldAs

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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