Inventory information for Part 311 of Blossom Corp. discloses 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 is partially 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 19898 18994 Ending Inventory %24 12092 12996

Inventory information for Part 311 of Blossom Corp. discloses 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 is partially 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 19898 18994 Ending Inventory %24 12092 12996

Name: Inventory information for Part 311 of Blossom Corp. discloses the fol
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Description: Inventory information for Part 311 of Blossom Corp. discloses the following information for the month of June.June 1Balance302 units@$ 17June 10Sold200 units@$4011Purchased795 units @ $ 2015Sold496 units@$4220Purchased498 units@ $ 2227Sold299 units

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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