Exercise 8-10 Inventory information for Part 311 of Oriole Corp. discloses the f

Question

Exercise 8-10 Inventory information for Part 311 of Oriole Corp. discloses the following information for the month of June June 1 Balance 304 units $17 June 10 Sold 201 units$41 11 Purchased 804 units $21 20 Purchased 499 units $22 15 Sold 503 units $43 27 Sold 301 units$46 Your answer is partially correct. Try again Assuming that the periodic inventory method is used, compute the cost of goods sold and ending inventory under (1) LIFO and (2) FIFO LIFO FIFO Cost of Goods Sold 21604 s19889 21604 Ending Inventorys11426 13141 Your answer is incorrect. Try again 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? The ending inventory at LIFO11051 LINK TO TEXT Your answer is incorrect. Try again. 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? Gross Profit (FIFO)? 19889

Explanation / Answer

Solution 2:

Total ending inventory under LIFO = $12,428

Solution 3:

Total Sales = (201*$41)+ (503*$43) + (301*$46)

= $43,716

Cost of goods sold under FIFO = $19,889

Gross profit under FIFO Method = $43,716 - $19,889 = $23,827

Computation of ending inventory COGS under LIFO Date Beginning Inventory Purchase Cost of Goods Sold Ending Inventory Qty Rate Amount Qty Rate Amount Qty Rate Amount Qty Rate Amount 1-Jun 304 $17.00 $5,168.00 0 $0.00 $0.00 0 $0.00 $0.00 304 $17.00 $5,168.00 10-Jun 304 $17.00 $5,168.00 0 $0.00 $0.00 201 $17.00 $3,417.00 103 $17.00 $1,751.00 11-Jun 103 $17.00 $1,751.00 804 $21.00 $16,884.00 0 $0.00 $0.00 103 $17.00 $1,751.00 804 $21.00 $16,884.00 15-Jun 103 $17.00 $1,751.00 0 $0.00 $0.00 503 $21.00 $10,563.00 103 $17.00 $1,751.00 804 $21.00 $16,884.00 301 $21.00 $6,321.00 20-Jun 103 $17.00 $1,751.00 499 $22.00 $10,978.00 0 $0.00 $0.00 103 $17.00 $1,751.00 301 $21.00 $6,321.00 301 $21.00 $6,321.00 499 $22.00 $10,978.00 27-Jun 103 $17.00 $1,751.00 0 $0.00 $0.00 301 $22.00 $6,622.00 103 $17.00 $1,751.00 301 $21.00 $6,321.00 301 $21.00 $6,321.00 499 $22.00 $10,978.00 198 $22.00 $4,356.00 Total 1005 $20,602.00 602 $12,428.00

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