Solution-Compute the cost of goods sold and ending inventory

Compute the cost of goods sold and ending inventory

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Reference no: EM132724946

Question - Inventory information for Part 311 of Waterway Corp. discloses the following information for the month of June.

June 1 Balance 301 units @ $16

June 10 Sold 197 units @ $37

June 11 Purchased 797 units @ $19

June 15 Sold 498 units @ $39

June 20 Purchased 503 units @ $20

June 27 Sold 297 units @ $42

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?

Reference no: EM132724946

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Compute the cost of goods sold and ending inventory

Reference no: EM132724946

Reference no: EM132724946

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