Expert answer:Blake Company_Inventory Accounting

  

Solved by verified expert :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 @ $4.00Jan. 10 Purchases 3,000 cases @ $5.00Feb. 13 Purchases 8,000 cases @$4.50Mar. 5 Purchases 2,000 cases @ $5.00For 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.

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