Inventory information for Part 311 of Kingbird Corp. discloses the following information for the month of June. Balance 301 units@ $16 Purchased 797 units @ $19 Purchased 498 units@ $21 June 1 11 20 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 198 units @ $39 497 units @ $41 301 units @ $44 (2) FIFO
Inventory information for Part 311 of Kingbird Corp. discloses the following information for the month of June. Balance 301 units@ $16 Purchased 797 units @ $19 Purchased 498 units@ $21 June 1 11 20 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 198 units @ $39 497 units @ $41 301 units @ $44 (2) FIFO
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Transcribed Image Text: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?
The ending inventory at LIFO
eTextbook and Media
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?
Gross Profit (FIFO)
$
$
Transcribed Image Text:Inventory information for Part 311 of Kingbird Corp. discloses the following information for the month of June.
June 1
11
20
301 units @ $16
797 units @ $19
Purchased 498 units@ $21
Balance
Purchased
Cost of Goods Sold
Ending Inventory
$
June 10
15
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
Sold
Sold
Sold
198 units @ $39
497 units @ $41
301 units@ $44
(2)
FIFO
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