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

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

June 1

Balance

299 units @ $11 10-Jun

Sold

197 units @ $27
11

Purchased

798 units @ $14 15-Jun Sold 503 units @ $29
20 Purchased 502 units @ $15 27-Jun Sold 305 units @ $31
LIFO
PURCHASES COST OF GOODS SOLD ENDING INVENTORY
Date Units Cost Per Unit Total Cost Units Cost Per Unit Total Cost Units Cost Per Unit Total Cost
1-Jun 299 $ 11.00 $ 3,289.00 $ - 299 $ 11.00 $ 3,289.00
11-Jun 798 $ 14.00 $ 11,172.00 $ 14.00 $ - $ 14.00 $ -
20-Jun 502 $ 15.00 $ 7,530.00 502 $ 15.00 $ 7,530.00 $ -
Total 1599 $ 21,991.00 502 $ 7,530.00 299 $ 3,289.00

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