Question

nventory information for Part 311 of Pina 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

(a) Your answer has been saved and sent for grading. See Gradebook for score details. 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 $ $ Ending Inventory $ $ Show Work is REQUIRED for this question: Open Show Work Attempts: 1 of 1 used

(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 at LIFO? The ending inventory at LIFO

Answer 1