Inventory information for Part 311 of Sheffield Corp. discloses the following information for the month of June. June 1 Balance 302 units @ $15 June 10 Sold 197 units @$36 11 Purchased 795 units @ $18 15 Sold 499 units @ $38 20 Purchased 499 units @ $20 27 Sold 296 units @ $41 (a) Your answer is correct. 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 Cost of goods sold $ 16654 Ending inventory $ 9966 (b) eTextbook and Media (2) FIFO 16950 11870 Attempts: 1 of 5 used 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 $
Inventory information for Part 311 of Sheffield Corp. discloses the following information for the month of June. June 1 Balance 302 units @ $15 June 10 Sold 197 units @$36 11 Purchased 795 units @ $18 15 Sold 499 units @ $38 20 Purchased 499 units @ $20 27 Sold 296 units @ $41 (a) Your answer is correct. 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 Cost of goods sold $ 16654 Ending inventory $ 9966 (b) eTextbook and Media (2) FIFO 16950 11870 Attempts: 1 of 5 used 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 $
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:(b)
Inventory information for Part 311 of Sheffield Corp. discloses the following information for the month of June.
June 1
Balance
302 units @ $15
June 10
Sold
197 units @ $36
11
Purchased
795 units @ $18
15
Sold
499 units @ $38
20
Purchased
499 units @ $20
27
Sold
296 units @ $41
Bey
Your answer is correct.
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
Cost of goods sold
$
(2)
FIFO
18854
$
16950
Ending inventory
$
9966
S
11870
eTextbook and Media
Attempts: 1 of 5 used
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
$
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