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)   $       Click if you would like to Show Work for this question: Open Show Work

Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter6: Cost Of Goods Sold And Inventory
Section: Chapter Questions
Problem 50E: Inventory Costing Methods Crandall Distributors uses a perpetual inventory system and has the...
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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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