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Blossom Company uses the perpetual inventory system and had the following purchases and sales during March. Purchases Sales Units Unit Cost Units Selling Price/Unit 3/1 Beginning inventory 90 $20 3/3 Purchase 50 $30 3/4 Sales 60 $40 3/10 Purchase 190 $35 3/16 Sales 70 $50 3/19 Purchase 30 $40 3/25 Sales 110 $50 Using the inventory and sales data above, calculate the value assigned to cost of goods sold in March and to the ending inventory at March 31 using FIFO and LIFO.

Blossom Company uses the perpetual inventory system and had the following purchases and sales during March. Purchases Sales Units Unit Cost Units Selling Price/Unit 3/1 Beginning inventory 90 $20 3/3 Purchase 50 $30 3/4 Sales 60 $40 3/10 Purchase 190 $35 3/16 Sales 70 $50 3/19 Purchase 30 $40 3/25 Sales 110 $50 Using the inventory and sales data above, calculate the value assigned to cost of goods sold in March and to the ending inventory at March 31 using FIFO and LIFO.

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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Plz give correct ending inventory and  COGS in LIFO method

Blossom Company uses the perpetual inventory system and had the following purchases and sales during March. Purchases Sales Units Unit Cost Units Selling Price/Unit 3/1 Beginning inventory 90 $20 3/3 Purchase 50 $30 3/4 Sales 60 $40 3/10 Purchase 190 $35 3/16 Sales 70 $50 3/19 Purchase 30 $40 3/25 Sales 110 $50 Using the inventory and sales data above, calculate the value assigned to cost of goods sold in March and to the ending inventory at March 31 using FIFO and LIFO. FIFO LIFO Cost of goods sold $ Ending inventory $ %24 %24
Transcribed Image Text:Blossom Company uses the perpetual inventory system and had the following purchases and sales during March. Purchases Sales Units Unit Cost Units Selling Price/Unit 3/1 Beginning inventory 90 $20 3/3 Purchase 50 $30 3/4 Sales 60 $40 3/10 Purchase 190 $35 3/16 Sales 70 $50 3/19 Purchase 30 $40 3/25 Sales 110 $50 Using the inventory and sales data above, calculate the value assigned to cost of goods sold in March and to the ending inventory at March 31 using FIFO and LIFO. FIFO LIFO Cost of goods sold $ Ending inventory $ %24 %24
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