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Blossom Company uses a periodic inventory system. Its records show the following for the month of May, in which 137 units were sold. Unit Units Cost Total Cost May 1 Inventory 63 $1 $693 15 Purchases 53 14 742 24 Purchases 74 15 1,110 Totals 190 $2,545

Blossom Company uses a periodic inventory system. Its records show the following for the month of May, in which 137 units were sold. Unit Units Cost Total Cost May 1 Inventory 63 $1 $693 15 Purchases 53 14 742 24 Purchases 74 15 1,110 Totals 190 $2,545

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 12RE: Carla Company uses the perpetual inventory system. The following information is available for...
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average cost? onboth inventoy and cost of good sold

Blossom Company uses a periodic inventory system. Its records show the following for the month of May, in which 137 units were sold. Unit Units Cost Total Cost May 1 Inventory 63 $11 $693 15 Purchases 53 14 742 24 Purchases 74 15 1,110 Totals 190 $2,545 Compute the ending inventory at May 31 and cost of goods sold using the FIFO, LIFO, and average-cost methods. (Round per unit cost to 3 decimal places, e.g. 15.647 and final answers to O decimal places, e.g. 5,125.) FIFO LIFO Average-cost Ending inventory at May 31 $ 795 $ 583 $ Cost of goods sold $ 1750 $ 1962 $ %24 %24 %24 %24 %24 %24
Transcribed Image Text:Blossom Company uses a periodic inventory system. Its records show the following for the month of May, in which 137 units were sold. Unit Units Cost Total Cost May 1 Inventory 63 $11 $693 15 Purchases 53 14 742 24 Purchases 74 15 1,110 Totals 190 $2,545 Compute the ending inventory at May 31 and cost of goods sold using the FIFO, LIFO, and average-cost methods. (Round per unit cost to 3 decimal places, e.g. 15.647 and final answers to O decimal places, e.g. 5,125.) FIFO LIFO Average-cost Ending inventory at May 31 $ 795 $ 583 $ Cost of goods sold $ 1750 $ 1962 $ %24 %24 %24 %24 %24 %24
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