Exercise 8-10 (Part Level Submission)

Inventory information for Part 311 of Blossom Corp. discloses the following information for the month of June.

June 1		Balance		302 units @ $11		June 10		Sold		198 units @ $27
11		Purchased		803 units @ $13		15		Sold		498 units @ $28
20		Purchased		498 units @ $14		27		Sold		296 units @ $30

(a) 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?

(b)	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?