Inventory information for Part 311 of Concord Corp. discloses the following information for the month of June. June 1 Balance 301 units @ $15 June 10 Sold 203 units @ $37 11 Purchased 797 units @ $18 15 Sold 497 units @ $38 20 Purchased 497 units @ $20 27 Sold 298 units @ $41 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 $ $ 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 Profit (FIFO) $ Click if you would like to Show Work for this question: Open Show Work

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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

June 1	Balance	301 units @ $15	June 10	Sold	203 units @ $37
11	Purchased	797 units @ $18	15	Sold	497 units @ $38
20	Purchased	497 units @ $20	27	Sold	298 units @ $41

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	$	$

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 Profit (FIFO)

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