Inventory information for Part 311 of Oriole Corp. discloses thefollowing information for the month of June.
June 1 | | Balance | | 299 units @ $16 | | June 10 | | Sold | | 196 units @ $38 |
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11 | | Purchased | | 803 units @ $19 | | 15 | | Sold | | 502 units @ $40 |
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20 | | Purchased | | 505 units @ $21 | | 27 | | Sold | | 297 units @ $43 |
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Assuming that the periodic inventory method is used, compute thecost of goods sold and ending inventory under (1) LIFO and (2)FIFO.
| | (1)
LIFO | | (2)
FIFO |
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Cost of Goods Sold | | $enter a dollar amount | | $enter a dollar amount |
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Ending Inventory | | $enter a dollar amount | | $enter a dollar amount |
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Question Part Score
--/12
Assuming that the perpetual inventory method is used and costsare computed at the time of each withdrawal, what is the value ofthe ending inventory at LIFO?
| The ending inventory at LIFO | | $enter The ending inventory at LIFO in dollars |
Question Part Score
--/3
Assuming that the perpetual inventory method is used and costsare computed at the time of each withdrawal, what is the grossprofit if the inventory is valued at FIFO?
| Gross Profit (FIFO) | | $enter the Gross Profit (FIFO) in dollars |
