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.)

Question

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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The Answer of 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.)

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