During the First Quarter of the Year,Blake Company Sold 12,000

question 131

Essay

During the first quarter of the year,Blake Company sold 12,000 cases of Product T for $120,000.Facts related to its beginning inventory and purchases are as follows:
For the quarter ended March 31,compute the ending inventory,cost of goods sold,and gross margin under three methods: (a)average-cost,(b)FIFO,and (c)LIFO.Assume the periodic inventory system is used.(Show your work.)

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Definitions:

Rights-On Period

A specific time frame during which shareholders have the right to buy additional shares at a predetermined price before the offer is open to others.

Common Share Price

The market price at which a company's common stock is traded on the stock exchange.

Direct Costs

Expenses that can be directly traced to the production of a specific good or service, such as materials and labor.

Security Sales

Transactions involving the sale of financial instruments such as stocks, bonds, or commodities.