Bloomington Company has the following information related to its inventory account during
during 2019. On December 31, 2019, a physical count showed that the firm had 10,000 units in
ending inventory. Therefore, 14,000 units were sold during 2019 (i.e,. 24,000 units from above
table minus the 10,000 units from the physical count). Show work and put your answer for the
following questions. 1. Calculate the dollar amount for ending inventory that would be reported
on the December 31, 2019 balance sheet using the LIFO (last-in, first-out) method. Answer 2
Calculate the dollar amount for cost of goods sold that would be reported on the 2019 income
statement using the LIFO (last-in, first-out) method. Answer 3. Calculate the dollar amount
assigned to ending inventory using the weighted average method..
Bloomington Company has the following information related to its inve.pdf
1. Bloomington Company has the following information related to its inventory account during
during 2019. On December 31, 2019, a physical count showed that the firm had 10,000 units in
ending inventory. Therefore, 14,000 units were sold during 2019 (i.e,. 24,000 units from above
table minus the 10,000 units from the physical count). Show work and put your answer for the
following questions. 1. Calculate the dollar amount for ending inventory that would be reported
on the December 31, 2019 balance sheet using the LIFO (last-in, first-out) method. Answer 2
Calculate the dollar amount for cost of goods sold that would be reported on the 2019 income
statement using the LIFO (last-in, first-out) method. Answer 3. Calculate the dollar amount
assigned to ending inventory using the weighted average method.
