Blake Company_Inventory Accounting



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.


There are no reviews yet.

Be the first to review “Blake Company_Inventory Accounting”

Your email address will not be published.