Inventory information for Part 311 of Skysong Corp. discloses the following information for the month of June.June 1 Balance301 units @ $12June 10Sold200 units @ $2811Purchased804 units @ $1415Sold 504 units @ $292020Purchased497 units @ $1527Sold304 units @ $32(a)Assuming that the periodic inventory method is used, compute the cost of goods sold and ending inventory under (1) LIFO and (2)FIFO.Cost of goods soldEnding inventory$(1)LIFOAtfA(2)FIFO

Name: Inventory information for Part 311 of Skysong Corp. discloses the fol
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Description: Inventory information for Part 311 of Skysong Corp. discloses the following information for the month of June.June 1 Balance301 units @ $12June 10Sold200 units @ $2811Purchased804 units @ $1415Sold 504 units @ $292020Purchased497 units @ $1527Sold30

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Inventory information for Part 311 of Skysong Corp. discloses the following information for the month of June. June 1 Balance 301 units @ $12 June 10 Sold 200 units @ $28 11 Purchased 804 units @ $14 15 Sold 504 units @ $29 20 Purchased 497 units @ $15 27 Sold 304 units @ $32 (a) 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 $ (1) LIFO (2) FIFO

Inventory information for Part 311 of Skysong Corp. discloses the following information for the month of June. June 1 Balance 301 units @ $12 June 10 Sold 200 units @ $28 11 Purchased 804 units @ $14 15 Sold 504 units @ $29 20 Purchased 497 units @ $15 27 Sold 304 units @ $32 (a) 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 $ (1) LIFO (2) FIFO

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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