Question

E8-13 (FIFO and LIFO – Periodic ad Perpetual). Inventory information for Part 311 of Monique Aaron Corp, disclooses the following information for the month of June.

June 1 Balance 300 units @ $10 June 10 Sold 200 units @ $24

June 11 Purchased 800 units @ $12 June 15 Sold 500 units @ $25

June 20 Purchased 500 units @ $13 June 27 Sold 300 units @ $27

Instructions

(a) Assuming that the perpetual inventory method is used, compute the cost of goods spld and ending inventory under (1) LIFO and (2) FIFO.

(b) Assume 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?