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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

FINANCIAL ACCOUNTING
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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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, e.g. 125.) Cost of the ending inventory Cost of goods sold eTextbook and Media FIFO 2320 3632 A LIFO 664 4792 A Average-Cost 1411.20 4540.80
Transcribed Image Text: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, e.g. 125.) Cost of the ending inventory Cost of goods sold eTextbook and Media FIFO 2320 3632 A LIFO 664 4792 A Average-Cost 1411.20 4540.80
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