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##### [solution] » Inventory information for part 311 of headland corp. discloses

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Inventory information for part 311 of headland corp. discloses
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Inventory information for part 311 of headland corp. discloses the following information for the month of june

June 1 balance           295 units @\$ 12 June sold 196 units @ \$ 30

11 purchased   799 units @ \$ 15          15 sold 505 units @\$31

20 purchased       498 units @ 16               27 sold 296 units @ \$ 33

Assuming that the periodic inventory method is used, compute the cost of goods sold and ending inventory under (1) LIFO and (2) FIFO

(1)                                                  (2)

LIFO                                               FIFO

Cost of goods sold           \$______________________                             \$__________________________

Ending inventory               \$__________________                                     \$__________________________________

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

Ending inventory at LIFO \$_______________________________________

June 1 balance 295 units @\$ 12 June sold 196 units @ \$ 30

11 purchased 799 units @ \$ 15

15 sold 505 units @\$31

20 purchased

498 units @ 16

27 sold 296 units @ \$ 33 DATE Units

1-Jun

11-Jun

15-Jun...

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This question was answered on: Feb 21, 2020

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