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
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
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter6: Cost Of Goods Sold And Inventory
Section: Chapter Questions
Problem 67APSA: Inventory Costing Methods Andersons Department Store has the following data for inventory,...
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Question
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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