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Blossom Company markets CDs of numerous performing artists. At the beginning of March, Blossom had in beginning inventory 2,500 CDs with a unit cost of
Blossom Company markets CDs of numerous performing artists. At the beginning of March, Blossom had in beginning inventory 2,500 CDs with a unit cost of $8. During March, Blossom made the following purchases of CDs.
March 5 | 2,200 | @ | $9 | March 21 | 4,900 | @ | $11 | |||||||
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March 13 | 3,200 | @ | $10 | March 26 | 2,200 | @ | $12 |
During March 11,700 units were sold. Blossom uses a periodic inventory system.
Determine (1) the ending inventory and (2) the cost of goods sold under each of the assumed cost flow methods (FIFO, LIFO, and average-cost). (Round answers to 0 decimal places, e.g. 125.) FIFO LIFO AVERAGE-COST The ending inventory $ $ $ The cost of goods sold $ $ $Step by Step Solution
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