Question: Inventory information for Part 311 of Waterway Corp. discloses the following information for the month of June. June 1 Balance 300 units @ $14 June 10 Sold 203 units @ $32 11 Purchased 804 units @ $16 15 Sold 496 units @ $34 20 Purchased 502 units @ $18 27 Sold 298 units @ $36 Partially correct answer.

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

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?

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?