Blue Spruce Corp. Inc. had a beginning inventory of 100 units of Product RST at a cost of $7 per unit. During the year, purchases were:Feb. 20580 unitsat$ 8Aug. 12415 unitsat$ 10May 5475 unitsat$9Dec. 895 unitsat$ 11Blue Spruce Corp. uses a periodic inventory system. Sales totaled 1,525 units. Determine the ending inventory and the cost of goods sold under each of the assumed cost flow methods (FIFO, LIFO, andaverage-cost). (Round per unit cost to 3 decimal places, e.g. 15.647 and final answers to 0 decimal places, e.g. 5,125.)FIFOLIFOAVERAGE-COSTThe ending inventory$The cost of goods sold$$%24%24%24

Total units available for sale = 100 + 580 + 475 + 415 + 95…

Blue Spruce Corp. Inc. had a beginning inventory of 100 units of Product RST at a cost of $ 7 per unit. During the year, purchases were: Feb. 20 580 units at $8 Aug. 12 415 units at $ 10 May 5 475 units at $9 Dec. 8 95 units at $ 11 Blue Spruce Corp. uses a periodic inventory system. Sales totaled 1,525 units.

Blue Spruce Corp. Inc. had a beginning inventory of 100 units of Product RST at a cost of $ 7 per unit. During the year, purchases were: Feb. 20 580 units at $8 Aug. 12 415 units at $ 10 May 5 475 units at $9 Dec. 8 95 units at $ 11 Blue Spruce Corp. uses a periodic inventory system. Sales totaled 1,525 units.

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

Chapter8: Inventories: Special Valuation Issues

Section: Chapter Questions

Problem 11RE: Johnson Corporation had beginning inventory of 20,000 at cost and 35,000 at retail. During the year,...

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