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Inventory information for Part 311 of Blue Corp. discloses the following information for the month of June. June 1 11 20 301 units @ $17 802 units @ $20 Purchased 499 units @ $21 Balance Purchased Cost of Goods Sold $ Ending Inventory June 10 (1) LIFO 15 27 Sold Sold Assuming that the periodic inventory method is used, compute the cost of goods sold and ending inventory under (1) LIFO and (2) FIFO. Sold 195 units @ $40 496 units @ $41 300 units @ $45 (2) FIFO

Inventory information for Part 311 of Blue Corp. discloses the following information for the month of June. June 1 11 20 301 units @ $17 802 units @ $20 Purchased 499 units @ $21 Balance Purchased Cost of Goods Sold $ Ending Inventory June 10 (1) LIFO 15 27 Sold Sold Assuming that the periodic inventory method is used, compute the cost of goods sold and ending inventory under (1) LIFO and (2) FIFO. Sold 195 units @ $40 496 units @ $41 300 units @ $45 (2) FIFO

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter7: Inventories: Cost Measurement And Flow Assumptions
Section: Chapter Questions
Problem 11RE: Jessie Stores uses the periodic system of calculating inventory. The following information is...
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Inventory information for Part 311 of Blue Corp. discloses the following information for the month of June. June 1 11 20 301 units @ $17 Purchased. 802 units @ $20 Purchased. 499 units @ $21 Balance Cost of Goods Sold $ Ending Inventory June 10 (1) LIFO 15 27 Sold Assuming that the periodic inventory method is used, compute the cost of goods sold and ending inventory under (1) LIFO and (2) FIFO. $ Sold Sold 195 units@ $40 496 units@ $41 300 units @ $45 (2) FIFO
Transcribed Image Text:Inventory information for Part 311 of Blue Corp. discloses the following information for the month of June. June 1 11 20 301 units @ $17 Purchased. 802 units @ $20 Purchased. 499 units @ $21 Balance Cost of Goods Sold $ Ending Inventory June 10 (1) LIFO 15 27 Sold Assuming that the periodic inventory method is used, compute the cost of goods sold and ending inventory under (1) LIFO and (2) FIFO. $ Sold Sold 195 units@ $40 496 units@ $41 300 units @ $45 (2) FIFO
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? The ending inventory at LIFO eTextbook and Media $ 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? Gross Profit (FIFO) $
Transcribed Image Text: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? The ending inventory at LIFO eTextbook and Media $ 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? Gross Profit (FIFO) $
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