### Inventory Analysis for Part 311 of Blossom Corp.#### Inventory Transactions for June- **June 1:** - Beginning Balance: 302 units at $17 each- **June 10:** - Sold: 200 units at $40 each- **June 11:** - Purchase: 795 units at $20 each- **June 15:** - Sold: 496 units at $42 each- **June 20:** - Purchase: 498 units at $22 each- **June 27:** - Sold: 299 units at $45 each#### Cost Calculations Using Inventory Methods(a) 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) LIFO** | **(2) FIFO** ||-----------------|--------------|--------------|| Cost of Goods Sold | $20,896 | $18,994 || Ending Inventory | $11,094 | $12,996 |### ExplanationThe table above shows the cost distribution using Last-In, First-Out (LIFO) and First-In, First-Out (FIFO) methods:- **Cost of Goods Sold (COGS):** Reflects the cost associated with the items sold during the period.- **Ending Inventory:** Represents the remaining inventory cost after sales. This data can help accountants and analysts determine the financial impact of inventory on profitability and inventory management efficiency. (c)Assuming that the perpetual inventory method is used and costs are computed at the time of each withdrawal, what is the gross profit if the inventory is valued at FIFO?Gross Profit (FIFO) $ [Input box]eTextbook and Media

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Description: ### Inventory Analysis for Part 311 of Blossom Corp.#### Inventory Transactions for June- **June 1:** - Beginning Balance: 302 units at $17 each- **June 10:** - Sold: 200 units at $40 each- **June 11:** - Purchase: 795 units at $20 each- **June 1

Total sales = No. of units sold x sales price per unit = (200*40)+(496*42)+(299*45) = $42,287

Business

Accounting

Inventory information for Part 311 of Blossom Corp. discloses the following information for the month of June. 302 units@$ 17 June 10 Sold 200 units@$40 June 1 Balance Purchased 795 units@$ 20 15 Sold 496 units@$42 11 498 units @$22 Sold 299 units@$ 45 20 Purchased 27 (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 FIFO. (1) (2) LIFO FIFO Cost of Goods Sold 20896 %24 18994 Ending Inventory %24 11094 %24 12996

Inventory information for Part 311 of Blossom Corp. discloses the following information for the month of June. 302 units@$ 17 June 10 Sold 200 units@$40 June 1 Balance Purchased 795 units@$ 20 15 Sold 496 units@$42 11 498 units @$22 Sold 299 units@$ 45 20 Purchased 27 (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 FIFO. (1) (2) LIFO FIFO Cost of Goods Sold 20896 %24 18994 Ending Inventory %24 11094 %24 12996

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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Beginning inventory, purchases, and sales for Item 88-HX are as follows: Jan. 1 Inventory 92 units @ $18 8. Sale 74 units 15 Purchase 102 units @ $21 27 Sale 86 units Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method, determine (a) the cost of goods sold on Jan. 27 and (b) the inventory on Jan. 31. a. Cost of goods sold on Jan. 27 b. Inventory on Jan. 31
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Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item available for sale during the year were as follows: Jan. 1 Inventory 13 units at $44 $572 Aug. 7 Purchase 18 units at $46 828 Dec. 11 Purchase 12 units at $48 576 43 units $1,976 There are 16 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost using (a) the first-in, first-out (FIFO) method; (b) the last-in, first-out (LIFO) method; and (c) the weighted average cost method (round per unit cost to two decimal places and your final answer to the nearest whole dollar). a. First-in, first-out (FIFO) $ b. Last-in, first-out (LIFO) $ c. Weighted average cost $
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 Assuming that the periodic inventory method is used, compute the cost of goods sold and ending inventory under (1) LIFO and (2) FIFO.
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