average cost? onboth inventoy and cost of good sold Blossom Company uses a periodic inventory system. Its records show the following for the month of May, in which 137 units weresold.UnitUnitsCostTotal CostMay 1Inventory63$11$69315Purchases531474224Purchases74151,110Totals190$2,545Compute the ending inventory at May 31 and cost of goods sold using the FIFO, LIFO, and average-cost methods. (Round per unit costto 3 decimal places, e.g. 15.647 and final answers to O decimal places, e.g. 5,125.)FIFOLIFOAverage-costEnding inventory at May 31$795$583$Cost of goods sold$1750$1962$%24%24%24%24%24%24

On Average Cost basis; COGS = 137 x $13.333 = $1,827 Closing Stock…

Blossom Company uses a periodic inventory system. Its records show the following for the month of May, in which 137 units were sold. Unit Units Cost Total Cost May 1 Inventory 63 $1 $693 15 Purchases 53 14 742 24 Purchases 74 15 1,110 Totals 190 $2,545

Blossom Company uses a periodic inventory system. Its records show the following for the month of May, in which 137 units were sold. Unit Units Cost Total Cost May 1 Inventory 63 $1 $693 15 Purchases 53 14 742 24 Purchases 74 15 1,110 Totals 190 $2,545

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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Question

average cost? onboth inventoy and cost of good sold

Blossom Company uses a periodic inventory system. Its records show the following for the month of May, in which 137 units were
sold.
Unit
Units
Cost
Total Cost
May 1
Inventory
63
$11
$693
15
Purchases
53
14
742
24
Purchases
74
15
1,110
Totals
190
$2,545
Compute the ending inventory at May 31 and cost of goods sold using the FIFO, LIFO, and average-cost methods. (Round per unit cost
to 3 decimal places, e.g. 15.647 and final answers to O decimal places, e.g. 5,125.)
FIFO
LIFO
Average-cost
Ending inventory at May 31
$
795
$
583
$
Cost of goods sold
$
1750
$
1962
$
%24
%24
%24
%24
%24
%24

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