Question

In: Accounting

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

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

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 LIFO method.

Ending Inventory $

Cost of goods sold $

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

Ending Inventory $

Cost of Goods Sold $

Solutions

Expert Solution

ekkarill92 answered 1 year ago
Next > < Previous

Related Solutions

Blossom Company uses a periodic inventory system. For April, when the company sold 550 units, the...
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 LIFO method. Ending inventory $enter a dollar amount Cost of goods sold $enter a dollar amount
Blossom Company uses a periodic inventory system. For April, when the company sold 550 units, the...
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
Marigold Company uses a periodic inventory system. For April, when the company sold 550 units, the...
Marigold 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 250 $14 $ 3,500 April 15 purchase 420 17 7,140 April 23 purchase 330 18 5,940 1,000 $16,580 Calculate weighted average cost per unit. (Round answer to 2 decimal places, e.g. 2.76.) Weighted average cost per unit $enter weighted average cost per unit in dollars rounded to 2 decimal places      ...
Windsor Company uses a periodic inventory system. For April, when the company sold 450 units, the...
Windsor Company uses a periodic inventory system. For April, when the company sold 450 units, the following information is available. Units Unit Cost Total Cost April 1 inventory 330 $22 $ 7,260 April 15 purchase 380 26 9,880 April 23 purchase 290 29 8,410 1,000 $25,550 Compute the April 30 inventory and the April cost of goods sold using the LIFO method. Ending inventory $ [Entry field with incorrect answer now contains modified data] Cost of goods sold $ [Entry...
Teal Company uses a periodic inventory system. For April, when the company sold 650 units, the...
Teal Company uses a periodic inventory system. For April, when the company sold 650 units, the following information is available. Units Unit Cost Total Cost April 1 inventory 310 $34 $ 10,540 April 15 purchase 420 41 17,220 April 23 purchase 270 44 11,880 1,000 $39,640 Collapse question part (a) Incorrect answer. Your answer is incorrect. Try again. Calculate weighted average cost per unit. (Round answer to 2 decimal places, e.g. 2.76.) Weighted average cost per unit
Amsterdam Company uses a periodic inventory system. For April, when the company sold 600 units, the...
Amsterdam Company uses a periodic inventory system. For April, when the company sold 600 units, the following information is available. Units Unit Cost Total Cost April 1 inventory   250 $10 $ 2,500 April 15 purchase   400  12   4,800 April 23 purchase   350  13   4,550 1,000 $11,850 Compute the April 30 inventory and the April cost of goods sold using the average-cost method.
Crane Company uses a periodic inventory system. For October, when the company sold 1,690 units, the...
Crane Company uses a periodic inventory system. For October, when the company sold 1,690 units, the following information is available. Units Unit Cost Total Cost October 1 inventory 580 $22 $12,760 October 8 purchase 1,160 23 26,680 October 25 purchase 580 26 15,080 2,320 $54,520 Compute the October 31 inventory and the October cost of goods sold using the FIFO method. Ending inventory $enter the ending inventory in dollars Cost of goods sold $enter the cost of goods sold in...
Graczyk Company uses a periodic inventory system. During October, it sold 360 units of Product Z....
Graczyk Company uses a periodic inventory system. During October, it sold 360 units of Product Z. Its beginning inventory and purchases during the month were as follows: Oct. 1 Beginning inventory 100 units @ $20 5 Purchases 100 units @ $24 10 Purchases 100 units @ $22 15 Purchases 100 units @ $24 20 Purchases 100 units @ $28 25 Purchases 100 units @ $26 Compute the cost of goods sold under each of three methods: (a) average-cost, (b) LIFO,...
McCaffy Company uses a periodic inventory system. It sold 1,000 units of Product H. Its beginning...
McCaffy Company uses a periodic inventory system. It sold 1,000 units of Product H. Its beginning inventory and purchases during the month were as follows: April 1 Beginning inventory 200 units @ $1 5 Purchases 200 units @ $2 10 Purchases 200 units @ $3 15 Purchases 200 units @ $4 20 Purchases 200 units @ $5 25 Purchases 200 units @ $6 Compute the cost of the ending inventory under each of three methods: (a) average-cost, (b) LIFO, and...
Swifty Corp. uses a periodic inventory system. The company had the following inventory transactions in April:...
Swifty Corp. uses a periodic inventory system. The company had the following inventory transactions in April: April 3 Purchased merchandise from Blue Spruce Ltd. for $26,000, terms 1/10, n/30, FOB shipping point. 6 The appropriate company paid freight costs of $770 on the merchandise purchased on April 3. 7 Purchased supplies on account for $5,050. 8 Returned damaged merchandise to Blue Spruce and was given a purchase allowance of $3,700. The merchandise was repaired by Blue Spruce and returned to...
ADVERTISEMENT
Subjects
ADVERTISEMENT
Latest Questions
ADVERTISEMENT