Inventory information for Part 311 of Tamarisk Corp. discloses the following information for the month of June.June 1 Balance 302 units @ $15 June 10 Sold 200 units @ $3511 Purchased 796 units @ $18 15 Sold 499 units @ $3720 Purchased 501 units @ $19 27 Sold 301 units @ $40 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 (2)FIFOCost of Goods Sold $enter a dollar amount $enter a dollar amount Ending Inventory $enter a dollar amount $enter a dollar amount 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 $enter The ending inventory at LIFO in dollars 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) $enter the Gross Profit (FIFO) in dollars

Name: Inventory information for Part 311 of Tamarisk Corp. discloses the fol
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Description: Inventory information for Part 311 of Tamarisk Corp. discloses the following information for the month of June.June 1 Balance 302 units @ $15 June 10 Sold 200 units @ $3511 Purchased 796 units @ $18 15 Sold 499 units @ $3720 Purchased 501 units @ $

Since you have posted a question with multiple sub-parts, we will solve the first three subparts for you. To get remaining sub-part solved please repost the complete question. 1)Calculation as per FIFO: Closing Inventory: = (302×$15)+(297×$18)=$(4,530+5,346)= $11,283=$9,876 COGS: Purchased Inventory + Opening Balance - Closing Inventory $28,377-$11,283 =17,094 2. Calculation as Per LIFO: Closing Inventory: COGS: Purchased Inventory + Opening Balance - Closing Inventory $28,377-$9,876 =$18,501 Gross Profit as per perpetual Inventory method(LIFO)= Sales [(200×$35)+(499×$37)+(301×$40)] LESS(-)COGS [(102×$15)+(297×$18)+(200×$19)] = $37,503-$17.094 =$20409

Answered: Inventory information for Part 311 of…

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 Tamarisk Corp. discloses the following information for the month of June.

June 1	Balance	302 units @ $15	June 10	Sold	200 units @ $35
11	Purchased	796 units @ $18	15	Sold	499 units @ $37
20	Purchased	501 units @ $19	27	Sold	301 units @ $40

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	(2) FIFO
Cost of Goods Sold	$enter a dollar amount	$enter a dollar amount
Ending Inventory	$enter a dollar amount	$enter a dollar amount

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

$enter The ending inventory at LIFO in dollars

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)

$enter the Gross Profit (FIFO) in dollars

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