Inventory information for Part 311 of Monique Aaron Corp. discloses the following information for the month of June. June 1 Balance 304 units @ $13 June 10 Sold 205 units @ $31 11 Purchased 801 units @ $16 15 Sold 497 units @ $33 20 Purchased 502 units @ $17 27 Sold 295 units @ $35
A) 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
LIFO Cost of Goods Sold $
LIFO Ending Inventory $
FIFO Cost of Goods Sold $
FIFO 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 $