(a) (1) LIFO (2) FIFO (b) Inventory information for Part 311 of Teal Corp. discl

Question

(a)

(1)
LIFO

(2)
FIFO

(b)

Inventory information for Part 311 of Teal Corp. discloses the following information for the month of June.
June 1 Balance 302 units @ $15 June 10 Sold 197 units @ $36 11 Purchased 795 units @ $18 15 Sold 499 units @ $38 20 Purchased 499 units @ $20 27 Sold 296 units @ $41

(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 $

$

Ending Inventory $

$

(b)

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

Explanation / Answer

b The ending inventory at LIFO=(302-197)*15+(795-499)*18+(499-296)*20= $10963

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