Inventory information for Part 311 of Blue Corp. discloses the following information for the month of June.
June 1 Balance 299 units @ $16
June 10 Sold 196 units @ $38
June 11 Purchased 803 units @ $19
June 15 Sold 502 units @ $40
June 20 Purchased 505 units @ $21
June 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.
(1)
LIFO
Cost if good sold: $
Ending Inventory: $
(2)
FIFO
Cost of Goods Sold: $
Ending Inventory: $
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: $
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 is valued at FIFO?
Gross Profit (FIFO): $
Units | Unit cost | Total | |
June 1 | 299 | 16 | 4784 |
June 11 | 803 | 19 | 15257 |
June 20 | 505 | 21 | 10605 |
Total cost | 1607 | 30646 | |
Units | Unit price | Total | |
June 10 | 196 | 38 | 7448 |
June 15 | 502 | 40 | 20080 |
June 27 | 297 | 43 | 12771 |
Total sales | 995 | 40299 | |
Ending inventory units | 612 | =1607-995 | |
(1) | |||
LIFO: | |||
Cost of good sold | 19915 | =(505*21)+(995-505)*19 | |
Ending Inventory | 10731 | =(299*16)+(612-299)*19 | |
(2) | |||
FIFO: | |||
Cost of good sold | 18008 | =(299*16)+(995-299)*19 | |
Ending Inventory | 12638 | =(505*21)+(612-505)*19 | |
Perpetual inventory method: | |||
The ending inventory at LIFO: | 11735 | =(299-196)*16+(803-502)*19+(505-297)*21 | |
Sales revenue | 40299 | ||
Less: Cost of goods sold FIFO | 18008 | ||
Gross Profit (FIFO) | 22291 |
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