During the First Quarter of 20xx,Blake Company Sold 12,000 Cases

Essay

During the first quarter of 20xx,Blake Company sold 12,000 cases of Product T for $120,000.Facts related to its beginning inventory and purchases are as follows:
$\begin{array}{lrll}\text { Jan. } & 1 & \text { Beginning inventory } & 5,000 \text { cases } @ \$ 4.00 \\& 10 & \text { Purchases } & 3,000 \text { cases } @ \$ 5.00 \\\text { Feb. } & 13 & \text { Purchases } & 8,000 \text { cases } @ \$ 4.50 \\\text { Mar. } & 5 & \text { Purchases } & 2,000 \text { cases } @ \$ 5.00\end{array}$
For the quarter ended March 31,20xx,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.)