In: Accounting
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?