Inventory information for Part 311 of Blossom Corp. discdloses the following information for the month of June. June 1 Balance 302 units @$ 17 June 10 Sold 200 units @$40 11 Purchased 795 units@$ 20 15 Sold 496 units@ $ 42 20 Purchased 498 units@$ 22 27 Sold 299 units @ $45
Inventory information for Part 311 of Blossom Corp. discdloses the following information for the month of June. June 1 Balance 302 units @$ 17 June 10 Sold 200 units @$40 11 Purchased 795 units@$ 20 15 Sold 496 units@ $ 42 20 Purchased 498 units@$ 22 27 Sold 299 units @ $45
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Question
![Inventory information for Part 311 of Blossom Corp. disdoses the following information for the month of June.
June 1
Balance
302 units @$ 17
June 10
Sold
200 units @ $40
11
Purchased
795 units @$ 20
15
Sold
496 units @$42
20
Purchased
498 units @$ 22
27
Sold
299 units @ $45
(a)
Your Answer
Correct Answer
Your answer is correct.
Assuming that the periodic inventory method is used, compute the cost of goods sold and ending inventory under (1) LIFO and (2)
FIFO.
(1)
(2)
LIFO
FIFO
Cost of Goods Sold
%24
20896
%24
18994
Ending Inventory
%24
11094
%24
12996
eTextbook and Media](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F0bb1ff74-656a-48d4-946d-440c26f1021c%2Fe704a7d5-a7db-42f4-aa30-d902e2ba1661%2Fooo450m_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Inventory information for Part 311 of Blossom Corp. disdoses the following information for the month of June.
June 1
Balance
302 units @$ 17
June 10
Sold
200 units @ $40
11
Purchased
795 units @$ 20
15
Sold
496 units @$42
20
Purchased
498 units @$ 22
27
Sold
299 units @ $45
(a)
Your Answer
Correct Answer
Your answer is correct.
Assuming that the periodic inventory method is used, compute the cost of goods sold and ending inventory under (1) LIFO and (2)
FIFO.
(1)
(2)
LIFO
FIFO
Cost of Goods Sold
%24
20896
%24
18994
Ending Inventory
%24
11094
%24
12996
eTextbook and Media
![(b)
X Your answer is incorrect.
Assuming that the perpetual inventory method is used and costs are computed at the time ofeach withdrawal, what is the value of
the ending inventory at LIFO?
The ending inventory at LIFO
%24
12996
eTextbook and Media](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F0bb1ff74-656a-48d4-946d-440c26f1021c%2Fe704a7d5-a7db-42f4-aa30-d902e2ba1661%2Fl5nr4ba_processed.jpeg&w=3840&q=75)
Transcribed Image Text:(b)
X Your answer is incorrect.
Assuming that the perpetual inventory method is used and costs are computed at the time ofeach withdrawal, what is the value of
the ending inventory at LIFO?
The ending inventory at LIFO
%24
12996
eTextbook and Media
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