Question

Inventory information for Part 311 of Marigold Corp. discloses the following information for the month of June. June 1 11 20 Balance Purchased Purchased 302 units @ $11 803 units @ $13 498 units @ $14 June 10 15 27 Sold Sold Sold 198 units e$27 498 units @ $28 296 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. (2) FIFO LIFO 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 UFO! The ending Inventory at LIFO $

Answer 1

Goods Purchased #of Units Cost per unit # of Units sold Cost of Goods Sold cost per unit LIFO 1 Date Jun, 1 Jun, 10 198 @ $ 11.00 = Cost of goods sold # of Units 302 @ $ 2,178 104 @ 104 @ Jun, 11 803 @ $ 13.00 498 @ Jun, 15 $ 13.00 = $ 104 305 6,474 @ @ 409 Inventory Balance Cost per unit Inventory balance $ 11.00 3,322 $ 11.00 = 1,144 $ 11.00 1,144 $ 13.00 10,439 11,583 $ 11.00 = 1,144 $ 13.00 = 3,965 5,109 $ 11.00 = 1,144 $ 13.00 = 3,965 $ 14.00 = 6,972 12,081 $ 11.00 = 1,144 $ 13.00 = $ 3,965 $ 14.00 = 2,828 7,937 104 @ 305 @ 498 @ Jul, 30 498 @ $ 14.00 104 @ 305 @ 202 @ 611 Jun, 27 @ $ 14.00 = 296 992 4,144 12,796 $

Goods Purchased # of Units Cost per unit # of Units sold Cost of Goods Sold Cost per unit | FIFO Date Jun, 1 Jun, 10 198 @ $ 11.00 = Cost of goods sold # of Units 302 $ 2,178 104 @ 104 @ Inventory Balance Cost per unit Inventory balance $ 11.00 = 3,322 $ 11.00 = 1,144 $ 11.00 1,144 $ 13.00 10,439 11,583 Jun, 11 803 @ $ 13.00 907 104 @ Jun, 15 Jun, 15 1,144 $ $ 11.00 = 13.00 = $ $ 394 @ 5,122 = @ @ $ $ | $ 13.00 13.00 14.00 Jun, 20 498 @ $ 14.00 907 5,317 5,317 6,972 12,289 1,469 6,972 8,441 Jun, 27 296 @ $ 13.00 = $ 3,848 13.00 14.00 002 H s 113 498 611 12.2021 992 12,292

Cost of goods sold Ending inventory $ $ LIFO 12,796 $ 7,937 $ FIFO 12,292 8,441 Ending Inventory at LIFO $ 7,937 Units Sales $ 28,170 COGS $ 12,292 Gross Profit $ 15,878 Sales Jun, 10 Jun, 15 Jun, 27 Rate 198 $ 27 498 $ 28 296 $ 30 992 Sales $ $ $ $ 5,346 13,944 8,880 28,170 Gross Profit (FIFO) $ 15,878