Inventory information for Part 311 of Sunland Corp. discloses the following information for the month of June. June 1 Balance 303 units @ $14 June 10 Sold 203 units @ $33 11 Purchased 796 units @ $17 15 Sold 499 units @ $35 20 Purchased 503 units @ $18 27 Sold 303 units @ $37 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 Sunland Corp. discloses the following information for the month of June. June 1 Balance 303 units @ $14 June 10 Sold 203 units @ $33 11 Purchased 796 units @ $17 15 Sold 499 units @ $35 20 Purchased 503 units @ $18 27 Sold 303 units @ $37 Assuming that the periodic inventory method is used, compute the cost of goods sold and ending inventory under (1) LIFO and (2) FIFO.
Financial Accounting: The Impact on Decision Makers
10th Edition
ISBN:9781305654174
Author:Gary A. Porter, Curtis L. Norton
Publisher:Gary A. Porter, Curtis L. Norton
Chapter5: Inventories And Cost Of Goods Sold
Section: Chapter Questions
Problem 5.11E: Inventory Costing Methods VanderMeer Inc. reported the following information for the month of...
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Inventory information for Part 311 of Sunland Corp. discloses the following information for the month of June.
|
June 1
|
Balance
|
303 units @ $14 |
June 10
|
Sold
|
203 units @ $33 | |||||
|---|---|---|---|---|---|---|---|---|---|---|
|
11
|
Purchased
|
796 units @ $17 |
15
|
Sold
|
499 units @ $35 | |||||
|
20
|
Purchased
|
503 units @ $18 |
27
|
Sold
|
303 units @ $37 |
Assuming that the periodic inventory method is used, compute the cost of goods sold and ending inventory under (1) LIFO and (2) FIFO.
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