Inventory information for Part 311 of Monique Aaron Corp. discloses the followin
ID: 2461789 • Letter: I
Question
Inventory information for Part 311 of Monique Aaron Corp. discloses the following information for the month of June. June 1 Balance 298 units @ $11 June 10 Sold 199 units @ $27 11 Purchased 803 units @ $13 15 Sold 495 units @ $28 20 Purchased 501 units @ $14 27 Sold 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. (1) LIFO (2) FIFO Cost of Goods Sold $ $ Ending Inventory $ $ LINK TO TEXT LINK TO TEXT 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 $ LINK TO TEXT LINK TO TEXT 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) $ LINK TO TEXT LINK TO TEXT
Explanation / Answer
FIFO
Receipts
COGS
Balance
Date
Description
Qty
Rate
Amount
Qty
Rate
Amount
Qty
Rate
Amount
1-Jun
Beg Inventory
298
11
3,278
10-Jun
COGS
199
11
2,189
99
11
1,089
11-Jun
Purchases
803
13
10,439
803
13
10,439
15-Jun
COGS
99
11
1,089
396
13
5,148
407
13
5,291
20-Jun
Purchases
501
14
7,014
501
14
7,014
27-Jun
COGS
296
13
3,848
111
13
1,443
501
14
7,014
1,602
20,731
990
12,274
612
8,457
Date
Particulars
Units
Sale Price
Amount
10-Jun
Sales
199
27
$ 5,373
15-Jun
Sales
495
28
$ 13,860
27-Jun
Sales
296
30
$ 8,880
$ 28,113
Less: COGS
$ (12,274)
Gross Profit
$ 15,839
LIFO
Receipts
COGS
Balance
Date
Description
Qty
Rate
Amount
Qty
Rate
Amount
Qty
Rate
Amount
1-Jun
Beg Inventory
298
11
3,278
10-Jun
COGS
199
11
2,189
99
11
1,089
11-Jun
Purchases
803
13
10,439
15-Jun
COGS
495
13
6,435
308
13
4,004
99
11
1,089
20-Jun
Purchases
501
14
7,014
501
14
7,014
27-Jun
COGS
296
14
4,144
205
14
2,870
99
11
1,089
308
13
4,004
1,602
20,731
990
12,768
612
7,963
Date
Particulars
Units
Sale Price
Amount
10-Jun
Sales
199
27
$ 5,373
15-Jun
Sales
495
28
$ 13,860
27-Jun
Sales
296
30
$ 8,880
$ 28,113
Less: COGS
$ (12,768)
Gross Profit
$ 15,345
FIFO
Receipts
COGS
Balance
Date
Description
Qty
Rate
Amount
Qty
Rate
Amount
Qty
Rate
Amount
1-Jun
Beg Inventory
298
11
3,278
10-Jun
COGS
199
11
2,189
99
11
1,089
11-Jun
Purchases
803
13
10,439
803
13
10,439
15-Jun
COGS
99
11
1,089
396
13
5,148
407
13
5,291
20-Jun
Purchases
501
14
7,014
501
14
7,014
27-Jun
COGS
296
13
3,848
111
13
1,443
501
14
7,014
1,602
20,731
990
12,274
612
8,457
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