The following is a record of Blossom Company’s transactions for the month of May 2022. May 1 Balance 320 units @ $20 May 10 Sale 240 units @ $38 12 Purchase 480 units @ $25 20 Sale 430 units @ $38 (a) Compute the ending inventory under the perpetual system using FIFO. FIFO Ending inventory $ 3250 (b) Compute the ending inventory under the perpetual system using LIFO. LIFO Ending inventory $
The following is a record of Blossom Company’s transactions for the month of May 2022. May 1 Balance 320 units @ $20 May 10 Sale 240 units @ $38 12 Purchase 480 units @ $25 20 Sale 430 units @ $38 (a) Compute the ending inventory under the perpetual system using FIFO. FIFO Ending inventory $ 3250 (b) Compute the ending inventory under the perpetual system using LIFO. LIFO Ending inventory $
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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The following is a record of Blossom Company’s transactions for the month of May 2022.
May | 1 | Balance 320 units @ $20 | May | 10 | Sale 240 units @ $38 | |||
12 | Purchase 480 units @ $25 | 20 | Sale 430 units @ $38 |
(a)
Compute the ending inventory under the perpetual system using FIFO.
FIFO | ||
Ending inventory | $ 3250 |
(b)
Compute the ending inventory under the perpetual system using LIFO.
LIFO | ||
Ending inventory | $ |
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