ACC 301- Inventory information for Part 311 of Monique Aaron Corp.
by | Mar 18, 2020 | Uncategorized
Exercise 8-13 (Part Level Submission) Inventory information for Part 311 of Monique Aaron Corp. discloses the following information for the month of June.
June 1 |
Balance |
302 units @ $11 |
June 10 |
Sold |
200 units @ $27 |
11 |
Purchased |
802 units @ $13 |
15 |
Sold |
502 units @ $28 |
20 |
Purchased |
498 units @ $14 |
27 |
Sold |
305 units @ $30 |
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(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 |
Cost of Goods Sold |
$ |
$ |
Ending Inventory |
$ |
$ |
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