Question - 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 @ $4.00
Jan. 10 Purchases 3,000 cases @ $5.00
Feb. 13 Purchases 8,000 cases @$4.50
Mar. 5 Purchases 2,000 cases @ $5.00
For 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.