Inventory information for Part 311 of Blossom Corp. discloses the following information for the month...
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Accounting
Inventory information for Part 311 of Blossom Corp. discloses the following information for the month of June.
June 1 Balance 295 units @ $12 June 10 Sold 196 units @ $30
11 Purchased 799 units @ $15 15 Sold 505 units @ $31
20 Purchased 498 units @ $16 27 Sold 296 units @ $33
Instruction:
A) Assuming that the periodic inventory method is used, compute the cost of goods sold and ending inventory under (1) LIFO and (2) FIFO.
B) 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?
C)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?
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