During the First Quarter of 20xx,Blake Company Sold 12,000 Cases

question 97

Essay

During the first quarter of 20xx,Blake Company sold 12,000 cases of Product T for $120,000.Facts related to its beginning inventory and purchases are as follows:
$\begin{array}{lrll}\text { Jan. } & 1 & \text { Beginning inventory } & 5,000 \text { cases } @ \$ 4.00 \\& 10 & \text { Purchases } & 3,000 \text { cases } @ \$ 5.00 \\\text { Feb. } & 13 & \text { Purchases } & 8,000 \text { cases } @ \$ 4.50 \\\text { Mar. } & 5 & \text { Purchases } & 2,000 \text { cases } @ \$ 5.00\end{array}$
For the quarter ended March 31,20xx,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:

Outnumbered

Being in a situation where one group or individual is significantly less in number compared to another group or individuals.

Changing

Refers to the process or act of making or becoming different.

Instrumental Values

Values that reflect the ways you prefer to behave leading toward larger life goals.

Terminal Values

End goals or desired states that individuals strive to achieve, guiding their behavior and decision-making.