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Blossom Company uses a periodic inventory system and reports the following for the month of June. Date June 1 12 23 30 Explanation Units Inventory Purchase Purchase Inventory 120 350 240 250 Unit Cost $5 6 7 Total Cost $ 600 2,100 1,680

Blossom Company uses a periodic inventory system and reports the following for the month of June. Date June 1 12 23 30 Explanation Units Inventory Purchase Purchase Inventory 120 350 240 250 Unit Cost $5 6 7 Total Cost $ 600 2,100 1,680

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Compute the cost of the ending inventory and the cost of goods sold under FIFO, LIFO, and average-cost. (Round answers to 0 decimal places, e.g. 125.) Cost of the ending inventory Cost of goods sold eTextbook and Media $ FIFO $ LIFO $ $ Average-cost
Transcribed Image Text:Compute the cost of the ending inventory and the cost of goods sold under FIFO, LIFO, and average-cost. (Round answers to 0 decimal places, e.g. 125.) Cost of the ending inventory Cost of goods sold eTextbook and Media $ FIFO $ LIFO $ $ Average-cost
Blossom Company uses a periodic inventory system and reports the following for the month of June. Date June 1 12 Explanation Units Unit Cost Inventory $5 Purchase 23 Purchase 30 Inventory 120 350 240 250 6 7 Total Cost $ 600 2,100 1,680
Transcribed Image Text:Blossom Company uses a periodic inventory system and reports the following for the month of June. Date June 1 12 Explanation Units Unit Cost Inventory $5 Purchase 23 Purchase 30 Inventory 120 350 240 250 6 7 Total Cost $ 600 2,100 1,680
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