Exercise 8-1 Inventory information for Part 311 of Nash Corp. discloses the foll

Question

Exercise 8-1 Inventory information for Part 311 of Nash Corp. discloses the following information for the month of June. une 1 Balance 300 units $14 June 10 Sold 203 units$32 15 Sold 496 units$34 20 Purchased 502 units $18 27 Sold 298 units$36 11 Purchased 804 units $16 Assuming that the periodic inventory method is used, compute the cost of goods sold and ending inventory under (1) LIFO and (2) FIFO. 33 LIFO FIFO Cost of Goods Sold Ending Inventory 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 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 Proft (FIFO) s Click if you would like to Show Work for this question: Open Show Work LINK TO TEXT

Explanation / Answer

Calculate cost of goods sold and ending inventory :

Ending inventory under perpetual LIFO = (97*14+308*16+204*18) = 9958

Gross profit under FIFO perpetual = Sales-cost of goods sold

                                                        = 34088-15352

Gross profit = 18736

FIFO LIFO Ending inventory (502*18+107*16) = 10748 (309*16+300*14) = 9144 Cost of goods sold (697*16+300*14) = 15352 (495*16+502*18) =16956

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