nventory information for Part 311 of Whispering Corp. discloses the following information for the month of June. June 1 Balance 299 units @ $13 June 10 Sold 198 units @ $32 11 Purchased 804 units @ $16 15 Sold 495 units @ $33 20 Purchased 500 units @ $17 27 Sold 305 units @ $36 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
nventory information for Part 311 of Whispering Corp. discloses the following information for the month of June. June 1 Balance 299 units @ $13 June 10 Sold 198 units @ $32 11 Purchased 804 units @ $16 15 Sold 495 units @ $33 20 Purchased 500 units @ $17 27 Sold 305 units @ $36 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
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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nventory information for Part 311 of Whispering Corp. discloses the following information for the month of June.
June 1
|
Balance
|
299 units @ $13 |
June 10
|
Sold
|
198 units @ $32 | |||||
---|---|---|---|---|---|---|---|---|---|---|
11
|
Purchased
|
804 units @ $16 |
15
|
Sold
|
495 units @ $33 | |||||
20
|
Purchased
|
500 units @ $17 |
27
|
Sold
|
305 units @ $36 |
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
|
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