Blossom Company reports the following for the month of June. Units Unit Cost Total Cost June1 Inventory 300 $ 3.00 $ 900 12 Purchase 450 4.00 1,800 23 Purchase 750 5.00 3,750 30 Inventory 160 Compute the cost of the ending inventory and the cost of goods sold under (1) FIFO and (2) LIFO. FIFO LIFO Ending inventory $ enter a dollar amount $ enter a dollar amount Cost of goods sold $ enter a dollar amount $ enter a dollar amount Compute the cost of the ending inventory and the cost of goods sold using the average-cost method. (Round per unit cost calculations to 2 decimal places, e.g. 5.25 and final answers to 0 decimal places, e.g. 125.)Ending inventory $ enter a dollar amount rounded to 0 decimal placesCost of goods sold $ enter a dollar amount rounded to 0 decimal places

Name: Blossom Company reports the following for the month of June. Units
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Description: Blossom Company reports the following for the month of June. Units Unit Cost Total Cost June1 Inventory 300 $ 3.00 $ 900 12 Purchase 450 4.00 1,800 23 Purchase 750 5.00 3,750 30 Inventory 160 Compute the cost of the en

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FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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Blossom Company reports the following for the month of June.

			Units	Unit Cost		Total Cost
June	1	Inventory	300		$ 3.00		$ 900
	12	Purchase	450		4.00		1,800
	23	Purchase	750		5.00		3,750
	30	Inventory	160

Compute the cost of the ending inventory and the cost of goods sold under (1) FIFO and (2) LIFO.

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

Compute the cost of the ending inventory and the cost of goods sold using the average-cost method. (Round per unit cost calculations to 2 decimal places, e.g. 5.25 and final answers to 0 decimal places, e.g. 125.)

Ending inventory		$ enter a dollar amount rounded to 0 decimal places
Cost of goods sold		$ enter a dollar amount rounded to 0 decimal places

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