(Solved Homework): In its first month of operations, Blue Spruce Corp. made three purchases of merchandise in the following sequence: (1) 35…

In its first month of operations, Blue Spruce Corp. made three purchases of merchandise in the following sequence: (1) 350 units at $7, (2) 450 units at $9, and (3) 550 units at $10. Assuming there are 250 units on hand at the end of the period, compute the cost of the ending inventory under (a) the FIFO method and (b) the LIFO method. Blue Spruce Corp. uses a periodic inventory system.

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Number of units available for sale = 350+450+550 = 1,350 units

Ending inventory = 250 units

(a) Cost of ending inventory under FIFO = 250 units @ $10 = $2,500

Under FIFO, units purchased first will be sold first, therefore, ending inventory balance will be from ending purchase.

(b) Cost of ending inventory under LIFO = 250 units @ $7 = $1,750

Under LIFO, units purchased later will be sold first, therefore, ending inventory balance will be from beginning purchase.

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