Question

C Inventory Information For Part 31 X C E8-13 (Fifo And Lifo - Periodi A X C Inventory Information For Part 31 x + wileyplus.com/courses/22841/assignments/2747360 Inventory information for Part 311 of Concord Corp discloses the following information for the month of June. June 1 11 20 Balance 299 units @ $11 Purchased 798 units@$14 Purchased 502 units @ $15 June 10 15 27 Sold Sold Sold 197 units @ $27 503 units @ $29 305 units @ $31 Your Answer Correct Answer 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 FIFO Cost of Goods Sold S 14572 18. 173 Ending Inventory S 7.419 $ 8.818 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 et LIFO S eTextbook and Media Attempts: 0 of 3 used

Answer 1

As per LIFO stocks lying after each specific sale are as follows:

1)after sale on june 10th ,

stocks lying =299-197 = 102 @ $11 = $1122

2) after sale on june 15th,

stocks lying= 798-503 = 295@ $14= $4130

3) after sale on june 27th

stocks lying = 502-305 = 197 @$15 = $ 2955

Hence, Ending Inventory at LIFO = 1122+4130+2955

=$ 8207