ACCT 2001 Quiz: ACCT2001 Quiz 2017 Spring Class 16 Review

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

Inventory information for Part 311 of Sheridan Corp. discloses the following information for the month of June. (a) Assuming the periodic inventory method is used and costs are computed at the same time of the withdrawal, what is the value of the ending inventory LIFO? (b) Assuming the perpetual inventory method is used and costs are computed at the same time of the withdrawal, what is the gross profit if the inventory is valued at FIFO?

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

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

(1). LIFO

Cost of Goods Sold:

Ending Inventory:

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?

Inventory information for Part 311 of Crane Corp. discloses the following information for the month of June. June 1 Balance 298 units @ $10 June 10 Sold 199 units @ $24 11 Purchased 797 units @ $12 15 Sold 497 units @ $26 20 Purchased 505 units @ $13 27 Sold 295 units @ $28. A) Assuming that the periodic inventory method is used, compute the cost of goods sold and ending inventory under (1) LIFO and (2) FIFO. B) 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? C) 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?