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

Inventory information for Part 311 of Blue Corp. discloses the following information for the month of June. Balance 301 units @ $17 Purchased 802 units @ $20 Purchased 499 units @ $21 June 1 11 20 (a) Cost of Goods Sold $ Ending Inventory $ June 10 Sold 195 units @ $40 15 Sold 496 units @ $41 Sold 300 units @ $45 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 27 $ $ (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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Inventory information for Part 311 of Blue Corp. discloses the following information for the month of June. June 1 11 (a) 20 Balance 301 units @ $17 Purchased 802 units @ $20 Purchased 499 units @ $21 Assuming that the periodic inventory method is used, compute the cost of goods sold and ending inventory under (1) LIFO and (2) FIFO. Cost of Goods Sold $ Ending Inventory eTextbook and Media June 10 Sold 195 units @ $40 15 Sold 496 units @ $41 27 Sold 300 units @ $45 (1) LIFO $ LA (2) FIFO
Transcribed Image Text:Inventory information for Part 311 of Blue Corp. discloses the following information for the month of June. June 1 11 (a) 20 Balance 301 units @ $17 Purchased 802 units @ $20 Purchased 499 units @ $21 Assuming that the periodic inventory method is used, compute the cost of goods sold and ending inventory under (1) LIFO and (2) FIFO. Cost of Goods Sold $ Ending Inventory eTextbook and Media June 10 Sold 195 units @ $40 15 Sold 496 units @ $41 27 Sold 300 units @ $45 (1) LIFO $ LA (2) FIFO
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