Blake Company_Inventory Accounting

Question # 00005240 Posted By: ACCOUNTS_GURU Updated on: 12/12/2013 10:50 PM Due on: 12/31/2014
Subject Accounting Topic Accounting Tutorials:
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During the first quarter of the year, Blake Company sold 12,000 cases of Product T for $120,000. Related to its beginning inventory and purchases are as follows:

Jan. 1 Beginning inventory 5,000 cases @ $4.00
Jan. 10 Purchases 3,000 cases @ $5.00
Feb. 13 Purchases 8,000 cases @$4.50
Mar. 5 Purchases 2,000 cases @ $5.00

For the quarter ended March 31, compute the ending inventory, cost of goods sold, and gross profit . Using the three methods (a) average-cost (b)FIFO (c)LIFO. Assume the periodic inventory system is being used.
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Tutorials for this Question
  1. Tutorial # 00005035 Posted By: ACCOUNTS_GURU Posted on: 12/12/2013 10:51 PM
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    The solution of Blake Company_Inventory Accounting...
    Blake_Company_Inventory_Accounting.xlsx (11.2 KB)

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