Blossom Marine Products began the year with 10 units of marine floats at a cost of $9.00 each. During the year, it made the followingpurchases: May 5, 30 units at $13.00; July 16, 15 units at $15.00; and December 7, 20 units at $18.00. Assuming there are 25 units onhand at the end of the period, determine the cost of goods sold under (a) FIFO, (b) LIFO, and (c) average-cost. Blossom uses theperiodic approach.FIFOLIFOAverage-costtAtAGACost of Goods Sold In its first month of operations, Carla Vista Company made three purchases of merchandise in the following sequence: (1) 288 units at$6, (2) 384 units at $8, and (3) 480 units at $9. Assuming there are 192 units on hand at the end of the period, compute the cost of theending inventory under (a) the FIFO method and (b) the LIFO method. Carla Vista uses a periodic inventory system.FIFOtAtALIFO $Ending Inventory

It has been given in the question that company has a periodic approach for inventory valuation.…

Answered: FIFO LIFO Average-cost $ $ $ Cost of…

Business

Accounting

FIFO LIFO Average-cost $ $ $ Cost of Goods Sold

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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Concept explainers

Manufacturing Costs

Manufacturing cost is the total cost of procuring or producing a product. In other words, the manufacturing cost is the cost that an individual or business owner undertakes for the manufacturing of goods.

Question

Blossom Marine Products began the year with 10 units of marine floats at a cost of $9.00 each. During the year, it made the following
purchases: May 5, 30 units at $13.00; July 16, 15 units at $15.00; and December 7, 20 units at $18.00. Assuming there are 25 units on
hand at the end of the period, determine the cost of goods sold under (a) FIFO, (b) LIFO, and (c) average-cost. Blossom uses the
periodic approach.
FIFO
LIFO
Average-cost
tA
tA
GA
Cost of Goods Sold

In its first month of operations, Carla Vista Company made three purchases of merchandise in the following sequence: (1) 288 units at
$6, (2) 384 units at $8, and (3) 480 units at $9. Assuming there are 192 units on hand at the end of the period, compute the cost of the
ending inventory under (a) the FIFO method and (b) the LIFO method. Carla Vista uses a periodic inventory system.
FIFO
tA
tA
LIFO $
Ending Inventory

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