Inventory information for Part 311 of Concord Corp. discloses the following information for the month of June.June 1 Balance 301 units @ $15 June 10 Sold 203 units @ $3711 Purchased 797 units @ $18 15 Sold 497 units @ $3820 Purchased 497 units @ $20 27 Sold 298 units @ $41     Assuming that the periodic inventory method is used, compute the cost of goods sold and ending inventory under (1) LIFO and (2) FIFO.  (1)LIFO (2)FIFOCost of Goods Sold $  $ Ending Inventory $  $   LINK TO 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 $   LINK TO TEXT   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) $   Click if you would like to Show Work for this question:Open Show Work

Question
Asked Oct 24, 2019
Inventory information for Part 311 of Concord Corp. discloses the following information for the month of June.

June 1   Balance   301 units @ $15   June 10   Sold   203 units @ $37
11   Purchased   797 units @ $18   15   Sold   497 units @ $38
20   Purchased   497 units @ $20   27   Sold   298 units @ $41
 
 
 
 
 
Assuming that the periodic inventory method is used, compute the cost of goods sold and ending inventory under (1) LIFO and (2) FIFO.

   
(1)
LIFO
 
(2)
FIFO
Cost of Goods Sold  
$
 
 
$
 
Ending Inventory  
$
 
 
$
 
 
 

LINK TO 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  
$
 
 
 

LINK TO TEXT
 
 
 
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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Step 1

Calculate cost of goods sold and ending inventory under (1) LIFO and (2) FIFO, assuming periodic inventory method is used.

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Step 2

Calculate ending inventory at LIFO, assuming...

LIFO (Perpetual)
Ending inventory
Cost of goods sold
Cost per unit Total cost Units sold Cost per unit Total cost Units Cost
Purchases
unit Total cost
$15 $4,515
$ 15 1,470
$15 1,470
$ 18 S 14,346
$1,470
$ 18
Units
Date
per
June 1 (Beg. Bal.)
June 10
June 11
301
S 15 S3,045
203
98
$18 S14,346
797
98
797
June 15
$ 18
S 8,946
300
497
$15
98
$ 5,400
$1,470
$ 18
June 20
$ 20
S 9,940
$15
497
98
300
5,400
$ 20
$9,940
$ 15
497
$ 20 S5,960
June 27
298
1,470
$ 18
98
$5,400
$ 20
300
199
$ 17,951 597
$3,980
$ 10,850
Total
998
The ending inventory at LIFO is $10,850
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LIFO (Perpetual) Ending inventory Cost of goods sold Cost per unit Total cost Units sold Cost per unit Total cost Units Cost Purchases unit Total cost $15 $4,515 $ 15 1,470 $15 1,470 $ 18 S 14,346 $1,470 $ 18 Units Date per June 1 (Beg. Bal.) June 10 June 11 301 S 15 S3,045 203 98 $18 S14,346 797 98 797 June 15 $ 18 S 8,946 300 497 $15 98 $ 5,400 $1,470 $ 18 June 20 $ 20 S 9,940 $15 497 98 300 5,400 $ 20 $9,940 $ 15 497 $ 20 S5,960 June 27 298 1,470 $ 18 98 $5,400 $ 20 300 199 $ 17,951 597 $3,980 $ 10,850 Total 998 The ending inventory at LIFO is $10,850

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