Question
In: Accounting
Inventory information for Part 311 of Splish Corp. discloses the following information for the month of...
Inventory information for Part 311 of Splish Corp. discloses the following information for the month of June.
| June 1 Balance 304 units @ $11 | June 10 Sold 201 units @ $25 |
| 11 Purchased 796 units @ $13 | 15 Sold 499 units @ $26 |
| 20 Purchased 501 units @ $14 | 27 Sold 296 units @ $28 |
(a) Assuming that the periodic inventory method is used, compute the cost of goods sold and ending inventory under (1) LIFO and (2) FIFO.
(b) 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 for LIFO?
(c) Assuming that the perpetual inventory method is used and costs are computed at the time of each withdrawal, what is the gross profit id the inventory is valued at FIFO?
Solutions
ekkarill92 answered 1 month agoRelated Solutions
Inventory information for Part 311 of Vaughn Corp. discloses the following information for the month of...
Inventory information for Part 311 of Vaughn Corp. discloses the
following information for the month of June.
June 1
Balance
297 units @ $14
June 10
Sold
204 units @ $35
11
Purchased
803 units @ $17
15
Sold
497 units @ $36
20
Purchased
505 units @ $19
27
Sold
296 units @ $39
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)...
Inventory information for Part 311 of Buffalo Corp. discloses the following information for the month of...
Inventory information for Part 311 of Buffalo Corp. discloses
the following information for the month of June.
June 1
Balance
301 units @ $15
June 10
Sold
203 units @ $37
11
Purchased
797 units @ $18
15
Sold
497 units @ $38
20
Purchased
497 units @ $20
27
Sold
298 units @ $41
(a)
Assuming that the periodic inventory method is used, compute the
cost of goods sold and ending inventory under (1) LIFO and (2)
FIFO.
(1)...
Inventory information for Part 311 of Bramble Corp. discloses the following information for the month of...
Inventory information for Part 311 of Bramble Corp. discloses
the following information for the month of June.
June 1
Balance
303 units @ $14
June 10
Sold
201 units @ $34
11
Purchased
798 units @ $17
15
Sold
498 units @ $35
20
Purchased
497 units @ $18
27
Sold
299 units @ $38
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 information for Part 311 of Metlock Corp. discloses the following information for the month of...
Inventory information for Part 311 of Metlock Corp. discloses
the following information for the month of June.
June 1
Balance
297 units @ $14
June 10
Sold
204 units @ $35
11
Purchased
803 units @ $17
15
Sold
497 units @ $36
20
Purchased
505 units @ $19
27
Sold
296 units @ $39
(a)
Assuming that the periodic inventory method is used, compute the
cost of goods sold and ending inventory under (1) LIFO and (2)
FIFO.
(1)...
Inventory information for Part 311 of Sunland Corp. discloses the following information for the month of...
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 perpetual inventory method is used and costs
are computed at the time of each withdrawal, what is the value of
the ending inventory...
Inventory information for Part 311 of Coronado Corp. discloses the following information for the month of...
Inventory information for Part 311 of Coronado Corp. discloses
the following information for the month of June.
June 1
Balance
300 units @ $14
June 10
Sold
203 units @ $32
11
Purchased
804 units @ $16
15
Sold
496 units @ $34
20
Purchased
502 units @ $18
27
Sold
298 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)...
inventory information for Part 311 of Oriole Corp. discloses the following information for the month of...
inventory information for Part 311 of Oriole Corp. discloses the
following information for the month of June. June 1 Balance 299
units @ $16 June 10 Sold 196 units @ $38 11 Purchased 803 units @
$19 15 Sold 502 units @ $40 20 Purchased 505 units @ $21 27 Sold
297 units @ $43 (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...
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
(1)
LIFO
(2)
FIFO
Cost of Goods Sold
Ending Inventory
perodid method
Inventory information for Part 311 of Chi Corp. discloses the following information for the month of...
Inventory information for Part 311 of Chi Corp. discloses the
following information for the month of June (beginning balance of
the month =0):
June 1. Purchased 600 units @
$16
June 11. Purchased 800 units @
$19
June 15. Sold 300 units @ $40
June 20. Purchased 600 units @
$21
June 27. Sold 200 units @ $43
Question 1) In cost flow assumptions for inventory such as LIFO
and FIFO, we have to consider the order of purchase in...
Inventory information for Part 311 of Crane Corp. discloses the following information for the month of...
Inventory information for Part 311 of Crane Corp. discloses the
following information for the month of June.
June 1 Balance 302 units @ $11
June 10 Sold 198 units @ $27
11 Purchased 803 units @ $13
15 Sold 498 units @ $28
20 Purchased 498 units @ $14
27 Sold 296 units @ $30
Assuming that the periodic inventory method is used, compute the
cost of goods sold and ending inventory under (1) LIFO and (2)
FIFO.
Assuming that...
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