Blossom Company is a multiproduct firm that uses the perpetual inventory system. The following information concerns one of its products, the Hawkeye. Date Transaction Quantity Price Cost Jan. 1 Beginning inventory 1,000 $12 Feb. 4 Purchase 1,000 18 Feb. 20 Sale 1,500 $30 Apr. 2 Purchase 2,000 23 May 4 Sale 1,200 33 Compute cost of goods sold and ending inventory under the FIFO method. (Round answers to 0 decimal places, e.g. 1,245.) FIFO Cost of goods sold $enter a dollar amount Ending inventory $enter a dollar amount Compute cost of goods sold and ending inventory under the LIFO method. (Round answers to 0 decimal places, e.g. 1,245.) LIFO Cost of goods sold $enter a dollar amount Ending inventory $enter a dollar amount Compute cost of goods sold and ending inventory under the moving-average method. (Round unit costs to 3 decimal places, e.g. 4.253 and final anwers to 0 decimal places, e.g. 1,235.) Moving-Average Cost of goods sold $enter a dollar amount Ending inventory $enter a dollar amount

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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Blossom Company is a multiproduct firm that uses the perpetual inventory system. The following information concerns one of its products, the Hawkeye.

Date		Transaction		Quantity		Price		Cost
Jan.	1		Beginning inventory		1,000				$12
Feb.	4		Purchase		1,000				18
Feb.	20		Sale		1,500		$30
Apr.	2		Purchase		2,000				23
May	4		Sale		1,200		33

Compute cost of goods sold and ending inventory under the FIFO method. (Round answers to 0 decimal places, e.g. 1,245.)

		FIFO
Cost of goods sold		$enter a dollar amount
Ending inventory		$enter a dollar amount

Compute cost of goods sold and ending inventory under the LIFO method. (Round answers to 0 decimal places, e.g. 1,245.)

		LIFO
Cost of goods sold		$enter a dollar amount
Ending inventory		$enter a dollar amount

Compute cost of goods sold and ending inventory under the moving-average method. (Round unit costs to 3 decimal places, e.g. 4.253 and final anwers to 0 decimal places, e.g. 1,235.)

		Moving-Average
Cost of goods sold		$enter a dollar amount
Ending inventory		$enter a dollar amount

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