Your answer is partially correct. Blossom Company uses a periodic inventory system and reports the following for the month of June. Date Explanation Units Unit Cost Total Cost June 1 Inventory 124 $4 $496 12 Purchase 496 6 2,976 23 Purchase 310 8 2,480 30 Inventory 290 (a) Compute the cost of the ending inventory and the cost of goods sold under (1) FIFO, (2) LIFO, and (3) average-cost. (For calculation purposes, round average cost per unit to 2 decimal places, e.g. 5.25. Round answers to O decimal places, eg. 125.) Cost of the ending inventory Cost of goods sold FIFO 2320 3632 1A LIFO 664 4792 Average-Cost 1411.20 4540.80

Your answer is partially correct. Blossom Company uses a periodic inventory system and reports the following for the month of June. Date Explanation Units Unit Cost Total Cost June 1 Inventory 124 $4 $496 12 Purchase 496 6 2,976 23 Purchase 310 8 2,480 30 Inventory 290 (a) Compute the cost of the ending inventory and the cost of goods sold under (1) FIFO, (2) LIFO, and (3) average-cost. (For calculation purposes, round average cost per unit to 2 decimal places, e.g. 5.25. Round answers to O decimal places, eg. 125.) Cost of the ending inventory Cost of goods sold FIFO 2320 3632 1A LIFO 664 4792 Average-Cost 1411.20 4540.80

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter7: Inventories: Cost Measurement And Flow Assumptions

Section: Chapter Questions

Problem 11E: Alternative Inventory Methods Nevens Company uses a periodic inventory system. During November, the...

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