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What is the value of the ending inventory at lifo

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

June 1

Balance

450 units @ $1

June 10

Sold

300 units @ $2.40

June 11

Purchased

1,200 units @ $2

June 15

Sold

750 units @ $2.50

June 20

Purchased

750 units @ $3

June 27

Sold

450 units @ $2.70

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

3750

2550

Ending Inventory

1350

2550

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?

Reference no: EM133134057

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