Assuming that the perpetual inventory method is used and costs are computed at the time...
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Accounting
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?
$___________
Exercise 8-10
Inventory information for Part 311 of Windsor Corp. discloses the following information for the month of June.
June 1
Balance
302 units x $15
June 10
Sold
197 units x $36
11
Purchased
795 units x $18
15
Sold
499 units x $38
20
Purchased
499 units x $20
27
Sold
296 units x $41
Computation of closing units: Cost of Ending Invento FIFO LIFO Units Rate ValueUnitsRate Value 154,530 185,436 9,966 Date Particulars Units Rate 01-Jun Opening Balance302 795 499 Goods available for sales1,596 992 604 Value 15 4,530 18 14,310 20 9,98o 28,820 181,890 20 9,980 11,870 105 302 302 11-Jun Purchases 20-Jun Purchases 499 Less: Units Sold Closing Units Cost of goods sold: Cost of goods available for sales- Less: Cost of Ending Inventory- Cost of goods sold FIFO LIFO 28,82028,820 (11,870)(9,966) 16,950 18,854
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