Question

In: Accounting

Inventory information for Caplan Inc. discloses the following for the month of May. May 1 Beg...

Inventory information for Caplan Inc. discloses the following for the month of May.

May 1

Beg Balance

300 units@$10

May 10

sold

200 units@$34

May 12

purchased

800 units@$12

May 15

sold

500 units@$35

May 19

purchased

500 units@$13

May 25

sold

100 units@$37

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

(2). Assuming that the perpetual inventory method is used, and costs are computed at the time of each withdrawal, What's the value of ending inventory at LIFO?

Solutions

Expert Solution

If You Have Any Queries Please Do Comment


Related 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...
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT