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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