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Inventory information for Part 311 of Waterway Corp. discloses the following information for the month of June. June 1 (a) 11 20 Balance 301 units @ $16 Purchased 797 units @ $19 Purchased 503 units @ $20 Your answer is incorrect. June 10 15 27 Sold Sold Sold 197 units @ $37 498 units @ $39 297 units @ $42 Assuming that the periodic inventory method is used, compute the cost of goods sold and ending inventory under (1) LIFO and (2) FIFO.

Inventory information for Part 311 of Waterway Corp. discloses the following information for the month of June. June 1 (a) 11 20 Balance 301 units @ $16 Purchased 797 units @ $19 Purchased 503 units @ $20 Your answer is incorrect. June 10 15 27 Sold Sold Sold 197 units @ $37 498 units @ $39 297 units @ $42 Assuming that the periodic inventory method is used, compute the cost of goods sold and ending inventory under (1) LIFO and (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 Waterway Corp. discloses the following information for the month of June. June 1 (a) 11 20 Balance Purchased Purchased Your answer is incorrect. Cost of Goods Sold Ending Inventory 301 units @ $16 797 units @ $19 503 units @ $20 LA tA June 10 (1) LIFO 15 Assuming that the periodic inventory method is used, compute the cost of goods sold and ending inventory under (1) LIFO and (2) FIFO. 27 Sold Sold $ Sold 197 units @ $37 498 units @ $39 297 units @ $42 (2) FIFO
Transcribed Image Text:Inventory information for Part 311 of Waterway Corp. discloses the following information for the month of June. June 1 (a) 11 20 Balance Purchased Purchased Your answer is incorrect. Cost of Goods Sold Ending Inventory 301 units @ $16 797 units @ $19 503 units @ $20 LA tA June 10 (1) LIFO 15 Assuming that the periodic inventory method is used, compute the cost of goods sold and ending inventory under (1) LIFO and (2) FIFO. 27 Sold Sold $ Sold 197 units @ $37 498 units @ $39 297 units @ $42 (2) FIFO
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