Blue Spruce Corp. Inc. had a beginning inventory of 100 units of Product RST at a cost of $7 per unit. During the year, purchases were:Feb. 20580 unitsat$ 8Aug. 12415 unitsat$ 10May 5475 unitsat$9Dec. 895 unitsat$ 11Blue Spruce Corp. uses a periodic inventory system. Sales totaled 1,525 units. Determine the ending inventory and the cost of goods sold under each of the assumed cost flow methods (FIFO, LIFO, andaverage-cost). (Round per unit cost to 3 decimal places, e.g. 15.647 and final answers to 0 decimal places, e.g. 5,125.)FIFOLIFOAVERAGE-COSTThe ending inventory$The cost of goods sold$$%24%24%24

Total units available for sale = 100 + 580 + 475 + 415 + 95…

Answered: Blue Spruce Corp. Inc. had a beginning…

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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Autok Fabricators, Inc. has 10 units in beginning inventory costing $45 each. It purchased 90 more for $36each during the month. The company sold 80 units during the month. Autok used a periodic inventorysystem.Calculate cost of goods sold using:a) FIFOb) Weighted-average costc) LIFO
The beginning inventory was 490 units at a cost of $8 per unit. Goods available for sale during the year were 1, 870 units at a total cost of $16,930. In May, 790 units were purchased at a total cost of $7,110. The only other purchase transaction occurred during October. Ending inventory was 835 units. Required: Calculate the number of units purchased in October and the cost per unit purchased in October. Assume the periodic inventory system is used. Calculate cost of goods sold and ending inventory using FIFO method. Assume the periodic inventory system is used. Calculate cost of goods sold and ending inventory using LIFO method.
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