Blossom Corp. discloses the following information for the month of June. June 1 Balance 302 units @ $17 June 10 Sold 200 units @ $40 11 Purchased 795 units @ $20 15 Sold 496 units @ $42 20 Purchased 498 units @ $22 27 Sold 299 units @ $45 Assuming that the periodic inventory method is used, compute the cost of goods sold and ending inventory under (1) LIFO and (2) FIFO.
Blossom Corp. discloses the following information for the month of June. June 1 Balance 302 units @ $17 June 10 Sold 200 units @ $40 11 Purchased 795 units @ $20 15 Sold 496 units @ $42 20 Purchased 498 units @ $22 27 Sold 299 units @ $45 Assuming that the periodic inventory method is used, compute the cost of goods sold and ending inventory under (1) LIFO and (2) FIFO.
Financial Accounting: The Impact on Decision Makers
10th Edition
ISBN:9781305654174
Author:Gary A. Porter, Curtis L. Norton
Publisher:Gary A. Porter, Curtis L. Norton
Chapter5: Inventories And Cost Of Goods Sold
Section: Chapter Questions
Problem 5.11E: Inventory Costing Methods VanderMeer Inc. reported the following information for the month of...
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Question
Inventory information for Part 311 of Blossom Corp. discloses the following information for the month of June.
June 1
|
Balance
|
302 units @ $17 |
June 10
|
Sold
|
200 units @ $40 | |||||
---|---|---|---|---|---|---|---|---|---|---|
11
|
Purchased
|
795 units @ $20 |
15
|
Sold
|
496 units @ $42 | |||||
20
|
Purchased
|
498 units @ $22 |
27
|
Sold
|
299 units @ $45 |
Assuming that the periodic inventory method is used, compute the cost of goods sold and ending inventory under (1) LIFO and (2) FIFO.
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