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Inventory information for Part 311 of Marigold Corp. discloses the following information for the month of June. June 1 11 (a) 20 Balance 302 units @ $11 Purchased 803 units @ $13 Purchased 498 units @ $14 * Your answer is incorrect. Cost of goods sold $ Ending inventory $ June 10 (1) LIFO 12292 15 Assuming that the periodic inventory method is used, compute the cost of goods sold and ending inventory under (1) LIFO and (2) FIFO. 8441 27 EA IA Sold $ Sold Sold 198 units @ $27 498 units @ $28 296 units @ $30 (2) FIFO 12796 7937

Inventory information for Part 311 of Marigold Corp. discloses the following information for the month of June. June 1 11 (a) 20 Balance 302 units @ $11 Purchased 803 units @ $13 Purchased 498 units @ $14 * Your answer is incorrect. Cost of goods sold $ Ending inventory $ June 10 (1) LIFO 12292 15 Assuming that the periodic inventory method is used, compute the cost of goods sold and ending inventory under (1) LIFO and (2) FIFO. 8441 27 EA IA Sold $ Sold Sold 198 units @ $27 498 units @ $28 296 units @ $30 (2) FIFO 12796 7937

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 Marigold Corp. discloses the following information for the month of June. June 1 11 (a) 20 Balance Purchased Purchased * Your answer is incorrect. 302 units @ $11 803 units @ $13 498 units @ $14 Cost of goods sold $ Ending inventory $ GA 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 12292 15 8441 27 tA Sold 198 units @ $27 Sold 498 units @ $28 Sold 296 units @ $30 EA (2) FIFO 12796 7937
Transcribed Image Text:Inventory information for Part 311 of Marigold Corp. discloses the following information for the month of June. June 1 11 (a) 20 Balance Purchased Purchased * Your answer is incorrect. 302 units @ $11 803 units @ $13 498 units @ $14 Cost of goods sold $ Ending inventory $ GA 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 12292 15 8441 27 tA Sold 198 units @ $27 Sold 498 units @ $28 Sold 296 units @ $30 EA (2) FIFO 12796 7937
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