Inventory information for Part 311 of Tamarisk Corp. discloses the following information for the month of June.June 1 Balance 302 units @ $15 June 10 Sold 200 units @ $3511 Purchased 796 units @ $18 15 Sold 499 units @ $3720 Purchased 501 units @ $19 27 Sold 301 units @ $40 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 $enter a dollar amount $enter a dollar amount Ending Inventory $enter a dollar amount $enter a dollar amount 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 $enter The ending inventory at LIFO in dollars 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) $enter the Gross Profit (FIFO) in dollars

Name: Inventory information for Part 311 of Tamarisk Corp. discloses the fol
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Description: Inventory information for Part 311 of Tamarisk Corp. discloses the following information for the month of June.June 1 Balance 302 units @ $15 June 10 Sold 200 units @ $3511 Purchased 796 units @ $18 15 Sold 499 units @ $3720 Purchased 501 units @ $

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Answered: Inventory information for Part 311 of…

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 Tamarisk Corp. discloses the following information for the month of June.

June 1	Balance	302 units @ $15	June 10	Sold	200 units @ $35
11	Purchased	796 units @ $18	15	Sold	499 units @ $37
20	Purchased	501 units @ $19	27	Sold	301 units @ $40

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	$enter a dollar amount	$enter a dollar amount
Ending Inventory	$enter a dollar amount	$enter a dollar amount

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

$enter The ending inventory at LIFO in dollars

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)

$enter the Gross Profit (FIFO) in dollars

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