Problem - Inventory information for Part 311 of Oriole Corp. discloses the following information for the month of June.
June 1 Balance 300 units @ $14 June 10 Sold 203 units @ $32
June 11 Purchased 804 units @ $16 June 15 Sold 496 units @ $34
June 20 Purchased 502 units @ $18 June 27 Sold 298 units @ $36
Assuming that the periodic inventory method is used, compute the cost of goods sold and ending inventory under (1) LIFO and (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?