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Exercise 8-10 (Part Level Submission) Inventory information for Part 311 of Metlock Corp. discloses the...

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Exercise 8-10 (Part Level Submission) Inventory information for Part 311 of Metlock Corp. discloses the following information for the month of June. June 1 Balance June 10 Sold 11 Purchased 304 units @ $13 804 units @ $15 498 units @ $16 15 Sold 205 units @ $30 504 units @ $32 295 units @ $34 20 Purchased 27 Sold (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 15558 14452 HD Ending Inventory 8422 9528 (b) Your answer is correct. 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 9035 (c) x Your answer is incorrect. Try again. 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? X Gross Profit (FIFO) 15558

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