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Compute the ending inventory and cost of goods sold

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Question - 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.

Reference no: EM131921188

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