Blake Company_Inventory Accounting
Question # 00005240
Posted By:
Updated on: 12/12/2013 10:50 PM Due on: 12/31/2014
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.
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.
-
Rating:
/5
Solution: Blake Company_Inventory Accounting