Question

CALCULATOR Exercise 8-10 (Part Level Submission) Inventory information for Part 311 of Flounder Corp. discloses the following information for the month of June. June 1 Balance 299 units @ $11 June 10 Sold 197 units@ $27 Purchased 798 units $14 11 15 Sold 503 units $29 20 Purchased 502 units@$15 27 Sold 305 units@ $31 (a) Your answer is correct. 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) FIFO Cost of Goods Sold 14,572 13173 Ending Inventory 7,419 8818 Click if you would like to Show Work for this question: Open Show Work SHOW SOLUTION LINK TO TEXT 2000-2019 John Wiley & Sons. Inc, All Rights Reserved. A Division of John Wiley & Sons. Inc yacy.Policy I

need help with findinf perpetural

method for both LIFO and FIFO

Answer 1

(b) Ending inventory at LIFO using perpetual inventory method is:

LIFO-Perpetual
Date	Goods Purchased				Cost of goods sold				Ending Inventory
	Units	@	Cost per unit	Cost of purchase	Units sold	@	Cost per unit	Cost of goods sold	Units	@	Cost per unit	Ending balance
Jun-01									299.00		11.00	3,289.00
Balance									299.00			3,289.00
Jun-10					197.00		11.00	2,167.00	102.00		11.00	1,122.00
									-		-	-
Balance									102.00			1,122.00
Jun-11	798.00		14.00	11,172.00					102.00		11.00	1,122.00
									798.00		14.00	11,172.00
Balance									900.00			12,294.00
Jun-15					503.00		14.00	7,042.00	102.00		11.00	1,122.00
									295.00		14.00	4,130.00
									397.00			5,252.00
Jun-20	502.00		15.00	7,530.00					102.00		11.00	1,122.00
									295.00		14.00	4,130.00
									502.00		15.00	7,530.00
Balance									899.00			12,782.00
Jun-27					305.00		15.00	4,575.00	102.00		11.00	1,122.00
									295.00		14.00	4,130.00
									197.00		15.00	2,955.00
Balance									594.00			8,207.00