Question

Blossom Company uses a periodic inventory system. For April, when the company sold 550 units, the following information is available.

		Units		Unit Cost		Total Cost
April 1 inventory		300		$33			$ 9,900
April 15 purchase		440		40			17,600
April 23 purchase		260		43			11,180
		1,000					$38,680

Compute the April 30 inventory and the April cost of goods sold using the FIFO method.

Ending inventory		$enter a dollar amount
Cost of goods sold		$enter a dollar amount

Answer 1

Compute the April 30 inventory and the April cost of goods sold using the FIFO method.
Ending inventory	$ 18,780.00
Cost of goods sold	$ 19,900.00
Ending Inventory	450	units
Ending Inventory (260 x $43 ) + (190 x $40)	$ 18,780.00
Cost of good sold :
	Units	Unit Cost	Total Cost
April 1 inventory	300	$       33.00	$   9,900.00
April 15 purchase	250	$       40.00	$ 10,000.00
Total Cost of good sold			$ 19,900.00