Question

Inventory information for Part 311 of Blossom Corp. discloses the following information for the month of...

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.

(1)
LIFO

(2)
FIFO

Cost of Goods Sold

$enter a dollar amount

$enter a dollar amount

Ending Inventory

$enter a dollar amount

$enter a dollar amount

eTextbook and Media

  

  

Assuming that the perpetual inventory method is used and costs are computed at the time of each withdrawal, what is the value of the ending inventory at LIFO?

The ending inventory at LIFO

$enter The ending inventory at LIFO in dollars

eTextbook and Media

  

  

Assuming that the perpetual inventory method is used and costs are computed at the time of each withdrawal, what is the gross profit if the inventory is valued at FIFO?

Gross Profit (FIFO)

$enter the Gross Profit (FIFO) in dollars

show work and explain

Homework Answers

Answer #1

Calculate following

Unit Unit Cost Total Cost
Beginning inventory 302 17 5134
Purchase 1 795 20 15900
Purchase 2 498 22 10956
Total 1595 31990

Assuming that the periodic inventory method is used, compute the cost of goods sold and ending inventory under (1) LIFO and (2) FIFO.

(1)
LIFO

(2)
FIFO

Cost of Goods Sold

10956+497*20 = 20896 5134+693*20 = 18994

Ending Inventory

31990-20896 = 11094 31990-18994 = 12996

Assuming that the perpetual inventory method is used and costs are computed at the time of each withdrawal, what is the value of the ending inventory at LIFO?

The ending inventory at LIFO

$12092

Assuming that the perpetual inventory method is used and costs are computed at the time of each withdrawal, what is the gross profit if the inventory is valued at FIFO?

Gross Profit (FIFO)

$42287-18994 = 23293

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