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Blossom Company uses a periodic inventory system. For April, when the company sold 550 units, the following information is available. Total Units Unit Cost Cost April 1 inventory 300 $33 $ 9,900 April 15 purchase 440 40 17,600 April 23 purchase 260 43 11,180 1,000 $38,680 Compute the April 30 inventory and the April cost of goods sold using the LIFO method. Ending inventory $ Cost of goods sold

Blossom Company uses a periodic inventory system. For April, when the company sold 550 units, the following information is available. Total Units Unit Cost Cost April 1 inventory 300 $33 $ 9,900 April 15 purchase 440 40 17,600 April 23 purchase 260 43 11,180 1,000 $38,680 Compute the April 30 inventory and the April cost of goods sold using the LIFO method. Ending inventory $ Cost of goods sold

Intermediate Accounting: Reporting And Analysis
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 10RE: Jessie Stores uses the periodic system of calculating inventory. The following information is...
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Blossom Company uses a periodic inventory system. For April, when the company sold 550 units, the following information is available. Total Units Unit Cost Cost April 1 inventory 300 $33 $ 9,900 April 15 purchase 440 40 17,600 April 23 purchase 260 43 11,180 1,000 $38,680 Compute the April 30 inventory and the April cost of goods sold using the LIFO method. Ending inventory $ Cost of goods sold
Transcribed Image Text:Blossom Company uses a periodic inventory system. For April, when the company sold 550 units, the following information is available. Total Units Unit Cost Cost April 1 inventory 300 $33 $ 9,900 April 15 purchase 440 40 17,600 April 23 purchase 260 43 11,180 1,000 $38,680 Compute the April 30 inventory and the April cost of goods sold using the LIFO method. Ending inventory $ Cost of goods sold
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