Blossom Company uses the perpetual inventory system and had the following purchases and sales during March. Purchases Sales Units Unit Cost Units Selling Price/Unit 3/1 Beginning inventory 90 $20 3/3 Purchase 50 $30 3/4 Sales 60 $40 3/10 Purchase 190 $35 3/16 Sales 70 $50 3/19 Purchase 30 $40 3/25 Sales 110 $50 Using the inventory and sales data above, calculate the value assigned to cost of goods sold in March and to the ending inventory at March 31 using FIFO and LIFO.
Blossom Company uses the perpetual inventory system and had the following purchases and sales during March. Purchases Sales Units Unit Cost Units Selling Price/Unit 3/1 Beginning inventory 90 $20 3/3 Purchase 50 $30 3/4 Sales 60 $40 3/10 Purchase 190 $35 3/16 Sales 70 $50 3/19 Purchase 30 $40 3/25 Sales 110 $50 Using the inventory and sales data above, calculate the value assigned to cost of goods sold in March and to the ending inventory at March 31 using FIFO and LIFO.
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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Plz give correct ending inventory and COGS in LIFO method
Transcribed Image Text:Blossom Company uses the perpetual inventory system and had the following purchases and sales during March.
Purchases
Sales
Units
Unit Cost
Units
Selling Price/Unit
3/1
Beginning inventory
90
$20
3/3
Purchase
50
$30
3/4
Sales
60
$40
3/10
Purchase
190
$35
3/16
Sales
70
$50
3/19
Purchase
30
$40
3/25
Sales
110
$50
Using the inventory and sales data above, calculate the value assigned to cost of goods sold in March and to the ending inventory at
March 31 using FIFO and LIFO.
FIFO
LIFO
Cost of goods sold
$
Ending inventory
$
%24
%24
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