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How do determine what is value of ending inventory at lifo

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

June 1 Balance 300 units @ $14

11 Purchased 804 units @ $16

20 Purchased 502 units @ $18

June 10 Sold 203 units @ $32

15 Sold 496 units @ $34

27 Sold 298 units @ $36

Problem 1. Assuming that the periodic inventory method is used, compute the cost of goods sold and ending inventory under (1) LIFO and (2) FIFO.

Problem 2. 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?

Problem 3. 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: EM132691007

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