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 @$45 (a) Your answer is partially correct. Assuming that the periodic inventory method is used, compute the cost of goods sold and ending inventory under (1) LIFO and (2) FIFO. (1) (2) LIFO FIFO Cost of Goods Sold %24 19898 18994 Ending Inventory %24 12092 12996
Inventory information for Part 311 of Blossom Corp. discloses the following information for the month of June. June 1 Balance 302 units@$ 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 (a) Your answer is partially correct. Assuming that the periodic inventory method is used, compute the cost of goods sold and ending inventory under (1) LIFO and (2) FIFO. (1) (2) LIFO FIFO Cost of Goods Sold %24 19898 18994 Ending Inventory %24 12092 12996
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter6: Cost Of Goods Sold And Inventory
Section: Chapter Questions
Problem 6MCQ: Refer to the information for Morgan Inc. above. If Morgan uses a perpetual inventory system, what is...
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