**Inventory Analysis for Part 311 of Waterway Corp. - June**Below is the inventory information for Part 311 of Waterway Corp. for June, including purchase and sales data.**Inventory Transactions:**- **June 1:** - **Balance:** 301 units @ $16- **June 11:** - **Purchased:** 797 units @ $19- **June 20:** - **Purchased:** 503 units @ $20**Sales Transactions:**- **June 10:** - **Sold:** 197 units @ $37- **June 15:** - **Sold:** 498 units @ $39- **June 27:** - **Sold:** 297 units @ $42---**Task (a):** Calculate inventory using different methods.**Note:** The provided answer is marked incorrect, suggesting a re-calculation is necessary.**Instructions:**Using the periodic inventory method, compute:1. **Cost of Goods Sold (COGS) and Ending Inventory** using: - **(1) LIFO (Last In, First Out) Method** - **(2) FIFO (First In, First Out) Method**| | LIFO | FIFO ||---|------|------|| **Cost of Goods Sold** | $ [Input Required] | $ [Input Required] || **Ending Inventory** | $ [Input Required] | $ [Input Required] |Please fill in the answers based on recalculations of COGS and Ending Inventory using both LIFO and FIFO methods.

Inventory information for Part 311 of Waterway Corp. discloses the following information for the month of June. June 1 (a) 11 20 Balance 301 units @ $16 Purchased 797 units @ $19 Purchased 503 units @ $20 Your answer is incorrect. June 10 15 27 Sold Sold Sold 197 units @ $37 498 units @ $39 297 units @ $42 Assuming that the periodic inventory method is used, compute the cost of goods sold and ending inventory under (1) LIFO and (2) FIFO.

Inventory information for Part 311 of Waterway Corp. discloses the following information for the month of June. June 1 (a) 11 20 Balance 301 units @ $16 Purchased 797 units @ $19 Purchased 503 units @ $20 Your answer is incorrect. June 10 15 27 Sold Sold Sold 197 units @ $37 498 units @ $39 297 units @ $42 Assuming that the periodic inventory method is used, compute the cost of goods sold and ending inventory under (1) LIFO and (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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