Inventory information for Part 311 of Blossom Corp. discloses the following information for the month of June.June 1Balance302 units@$ 17June 10Sold200 units @$4011Purchased795 units@$2015Sold496 units @$4220Purchased498 units @$ 2227Sold299 units @$45(a)Your answer is partially correct.Assuming that the periodic inventory method is used, compute the cost of goods sold and ending inventory under (1) LIFO and (2)FIFO.(1)(2)LIFOFIFOCost of Goods Sold%241989818994Ending Inventory%2412092%2412996e Textbook and Media

Name: Inventory information for Part 311 of Blossom Corp. discloses the fol
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Description: Inventory information for Part 311 of Blossom Corp. discloses the following information for the month of June.June 1Balance302 units@$ 17June 10Sold200 units @$4011Purchased795 units@$2015Sold496 units @$4220Purchased498 units @$ 2227Sold299 units @

First in first out shows the first inventory purchased would be sold first.

Business

Accounting

Inventory information for Part 311 of Blossom Corp. disdloses the following information for the month of June. June 1 Balance 302 units@$ 17 June 10 Sold 200 units@$40 11 Purchased 795 units@$20 15 Sold 496 units @$42 20 Purchased 498 units@$22 27 Sold 299 units @$45

Inventory information for Part 311 of Blossom Corp. disdloses the following information for the month of June. June 1 Balance 302 units@$ 17 June 10 Sold 200 units@$40 11 Purchased 795 units@$20 15 Sold 496 units @$42 20 Purchased 498 units@$22 27 Sold 299 units @$45

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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