Homework SourseI need help with assignment Please I need details and explan
I need help with assignment. Please I need details and explanation.
Blossom Company uses a periodic inventory system. For April, when the company sold 560 units, the following information is available.
Units
Unit Cost
Total Cost
390
13,650
1,000
$31,970
Compute the April 30 inventory and the April cost of goods sold using the FIFO method.
Cost of goods sold
| Units | Unit Cost | Total Cost | ||||||
| April 1 inventory | 240 | $27 | $ 6,480 | |||||
| April 15 purchase | 370 | 32 | 11,840 | |||||
| April 23 purchase | 390 | 35 | 13,650 | |||||
| 1,000 | $31,970 |
Solution
Solution:
Ending inventory: 15,250
COGS: 16,720
Working:
COGS:
Apr-01
240
$27
6480
Apr-15
320
$32
10240
16720
Ending inventory:
Apr-15
50
$32
1600
Apr-23
390
$35
13650
15250
| Apr-01 | 240 | $27 | 6480 |
| Apr-15 | 320 | $32 | 10240 |
| 16720 |
