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Problem 6-03A Blue Spruce Corp. had a beginning inventory of 100 units of Product RST at...

Problem 6-03A

Blue Spruce Corp. had a beginning inventory of 100 units of Product RST at a cost of $9 per unit. During the year, purchases were:

Feb. 20

650 units at $10

Aug. 12

460 units at $12

May 5

590 units at $11

Dec. 8

100 units at $13

Blue Spruce uses a periodic inventory system. Sales totaled 1,510 units.
Determine the cost of goods available for sale.

The cost of goods available for sale

$enter the cost of goods available for sale in dollars


Calculate Average Cost. (Round answer to 3 decimal places, e.g. 5.125.)

Average Cost

$enter an average cost in dollars

SHOW LIST OF ACCOUNTS

Determine the ending inventory and the cost of goods sold under each of the assumed cost flow methods (FIFO, LIFO, and average-cost). (Round answers to 0 decimal places, e.g. 150.)

FIFO

LIFO

AVERAGE-COST

The ending inventory

$enter a dollar amount $enter a dollar amount $enter a dollar amount

The cost of goods sold

$enter a dollar amount $enter a dollar amount $enter a dollar amount

SHOW LIST OF ACCOUNTS

Which cost flow method results in the lowest inventory amount for the balance sheet? The lowest cost of goods sold for the income statement?
select a method which

Average-costFIFOLIFO

results in the lowest inventory amount for the balance sheet.
select a method which

Average-costFIFOLIFO

results in the lowest cost of goods sold for the income statement.

Solutions

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