Blossom Company uses a periodic inventory system and reports the following for the month of June. Date June 1 12 23 Explanation Units Unit Cost Inventory $4 Purchase Purchase 30 Inventory 80 320 200 180 6 8 Total Cost $320 1,920 1,600 (a) Compute the cost of the ending inventory and the cost of goods sold under (1) FIFO, (2) LIFO, and (3) average-cost. (For calculation purposes, round average cost per unit to 2 decimal places, e.g. 5.25. Round answers to O decimal places, e.g. 125.)
Blossom Company uses a periodic inventory system and reports the following for the month of June. Date June 1 12 23 Explanation Units Unit Cost Inventory $4 Purchase Purchase 30 Inventory 80 320 200 180 6 8 Total Cost $320 1,920 1,600 (a) Compute the cost of the ending inventory and the cost of goods sold under (1) FIFO, (2) LIFO, and (3) average-cost. (For calculation purposes, round average cost per unit to 2 decimal places, e.g. 5.25. Round answers to O decimal places, e.g. 125.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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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 Unit Cost
Inventory
80
$4
Purchase
Purchase
Inventory
Cost of the ending
inventory
320
Cost of goods sold
200
180
LA
6
$
8
(a) Compute the cost of the ending inventory and the cost of goods sold under (1) FIFO, (2) LIFO, and (3) average-cost. (For calculation
purposes, round average cost per unit to 2 decimal places, e.g. 5.25. Round answers to 0 decimal places, e.g. 125.)
Total Cost
FIFO
$320
1,920
1,600
400
3440
tA
$
LIFO
77754
-160
4000
LA
$
$
Average-Cost
0
3840
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