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 @ \$17 200 units @ \$40 795 units @ \$20 496 units @ \$42 498 units @ \$22 299 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) (2) LIFO FIFO \$enter a dollar amount \$enter a dollar amount \$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

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) (2) LIFO FIFO 10956+497*20 = 20896 5134+693*20 = 18994 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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