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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