Inventory information for Part 311 of Oriole Corp. discloses the following information for the month of...

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Accounting

Inventory information for Part 311 of Oriole Corp. discloses thefollowing information for the month of June.
June   1
Balance
299 units @ $16
June 10
Sold
196 units @ $38
11
Purchased
803 units @ $19
15
Sold
502 units @ $40
20
Purchased
505 units @ $21
27
Sold
297 units @ $43
Assuming that the periodic inventory method is used, compute thecost of goods sold and ending inventory under (1) LIFO and (2)FIFO.
(1)
LIFO
(2)
FIFO
Cost of Goods Sold
$enter a dollar amount
$enter a dollar amount
Ending Inventory
$enter a dollar amount
$enter a dollar amount


Question Part Score
--/12
Assuming that the perpetual inventory method is used and costsare computed at the time of each withdrawal, what is the value ofthe ending inventory at LIFO?
The ending inventory at LIFO
$enter The ending inventory at LIFO in dollars


Question Part Score
--/3
Assuming that the perpetual inventory method is used and costsare computed at the time of each withdrawal, what is the grossprofit if the inventory is valued at FIFO?
Gross Profit (FIFO)
$enter the Gross Profit (FIFO) in dollars

June 1	Balance	299 units @ $16	June 10	Sold	196 units @ $38
11	Purchased	803 units @ $19	15	Sold	502 units @ $40
20	Purchased	505 units @ $21	27	Sold	297 units @ $43

	(1) LIFO	(2) FIFO
Cost of Goods Sold	$enter a dollar amount	$enter a dollar amount
Ending Inventory	$enter a dollar amount	$enter a dollar amount

Answer & Explanation Solved by verified expert

4.4 Ratings (893 Votes)

Correct Answer Requirement 1 FIFO LIFO Cost of Goods Sold 18008 19915 Cost of Ending Inventory 12638 10731 Working Cost of Goods Available for sale Units Cost per unit value Beginning Inventory 299 1600 47840 Purchases 803 1900 152570 Purchases 505 2100 1060500 Total See Answer

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