Inventory information for Part 311 of Monique Aaron Corp. discloses the followin

Question

Inventory information for Part 311 of Monique Aaron Corp. discloses the following information for the month of June.

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

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?

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?

June 1 Balance 305 units @ $13 June 10 Sold 201 units @ $32 11 Purchased 799 units @ $16 15 Sold 504 units @ $34 20 Purchased 503 units @ $18 27 Sold 296 units @ $36

Explanation / Answer

Inventory information for Part 311 of Monique Aaron Corp. discloses the followin

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