Question

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

June   1		Balance		301 units @ $12		June 10		Sold		197 units @ $29
11		Purchased		803 units @ $14		15		Sold		500 units @ $30
20		Purchased		502 units @ $16		27		Sold		297 units @ $32

(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		$enter a dollar amount		$enter a dollar amount
Ending Inventory		$enter a dollar amount		$enter a dollar amount

Answer 1