Question

In: Accounting

Please show steps and calculations Q. Inventory information for Part 311 of Bonds Corp. discloses the...

Please show steps and calculations

Q. Inventory information for Part 311 of Bonds Corp. discloses the following information for the month of June.

June 1 Balance 450 units @ $1

June 10 Sold 300 units @ $2.40

June 11 Purchased 1,200 units @ $2

June 15 Sold 750 units @ $2.50

June 20 Purchased 750 units @ $3

June 27 Sold 450 units @ $2.70

Instructions

(a) Assuming that the periodic inventory method is used, compute the cost of goods sold and ending inventory under FIFO.

(b) Assuming that the periodic inventory method is used, what is the cost of goods sold at weighted average cost?

(c) Assuming that the perpetual inventory method is used, what is the gross profit if the inventory is valued at LIFO?

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