Question: Current Attempt in Progress Blossom Lighting had a beginning inventory of 10 units at a cost of $7 per unit on August 1. During the
Current Attempt in Progress Blossom Lighting had a beginning inventory of 10 units at a cost of $7 per unit on August 1. During the month, the followine purchases and sales were made Sales August 2 5 units Purchases Augusts 15 units at $8 August 11 25 units at 59 August 23 20 units at $10 August 10 10 units August 19 40 units August 21 10 units Blossom uses a periodic Inventory system Determine ending inventory and cost of goods sold under: 1. FIFO and 2. LIFO. FIFO LIFO 1 Ending inventory $ $ 2 Cost of goods sold $
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