You have the following information for Blossom Company for the month ended October 31, 2022....
60.1K
Verified Solution
Link Copied!
Question
Accounting
You have the following information for Blossom Company for the month ended October 31, 2022. Blossom uses a periodic method for inventory Units Date Oct. 1 Oct. 9 Oct. 11 65 130 90 Unit Cost or Selling Price $24 26 40 Description Beginning inventory Purchase Sale Purchase Sale Purchase Sale Oct. 17 90 27 Oct. 22 65 75 Oct. 25 Oct 29 45 29 45 100 1/3 Calculate ending inventory, cost of goods sold, gross profit under each of the following methods. (1) LIFO. (2) FIFO. (3) Average-cost. (Round answers to decimal place, eg. 125.) LIFO FIFO AVERAGE-COST The ending inventory $ $ The cost of goods sold $ $ $ Gross profit $ S $
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
