Blossom Inc. uses the FIFO cost formula in a perpetual inventory system. Jul 1 Jul 7 Jul 8 Jul 9 Jul 10 Jul 22 Beginning inventory Purchases Sales Sales Purchases Sales 43 units @ $42 per unit 93 units @ $66 per unit $3202. O $3168. $3120. O $3286. 73 units 48 units 73 units @ $45 per unit 63 units The cost of goods sold for the July 9 sale was

Blossom Inc. uses the FIFO cost formula in a perpetual inventory system. Jul 1 Jul 7 Jul 8 Jul 9 Jul 10 Jul 22 Beginning inventory Purchases Sales Sales Purchases Sales 43 units @ $42 per unit 93 units @ $66 per unit $3202. O $3168. $3120. O $3286. 73 units 48 units 73 units @ $45 per unit 63 units The cost of goods sold for the July 9 sale was

Name: Blossom Inc. uses the FIFO cost formula in a perpetual inventory syst
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
Description: Blossom Inc. uses the FIFO cost formula in a perpetual inventory system.Jul 1Jul 7Jul 8Jul 9Jul 10Jul 22Beginning inventoryPurchasesSalesSalesPurchasesSales43 units @ $42 per unit93 units @ $66 per unit$3202.$3168.$3120.$3286.73 units48 units73 unit

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Please complete the gross profit chart
The following are the transactions for the month of July. Units Unit Cost Unit Selling Price July 1 Beginning Inventory 55 $ 10 July 13 Purchase 275 11 July 25 Sold (100 ) $ 14 July 31 Ending Inventory 230 Calculate cost of goods available for sale and ending inventory, then sales, cost of goods sold, and gross profit, under FIFO. Assume a periodic inventory system is used. How would i creat a FIFO periodic table?
Wan Tan Corp. made the following four inventory purchases in June: June 1 150 units $5.20 June 10 200 units $5.85 June 15 200 units $6.30 June 28 150 units $6.60 On June 22, 450 units were sold. The company uses the perpetual inventory system and the weighted average to value the inventory. Calculate the cost of goods sold for the sale. Round to the nearest whole dollar. Select one: a. $2,580 b. $2,628 c. $2,700 d. $1,572
Give me correct answer with explanation.vi
godo subject-Accounting-
urrent ALLE empt mFIogress Flint Corporation uses a perpetual inventory system reports the following for the month of June. Date Explanation Units Unit Cost Total Cost June 1 Inventory 120 $6 $720 12 Purchases 360 2,520 23 Purchases 240 1,920 30 Inventory 250 I Calculate the average cost per unit, using a perpetual inventory system. Assume a sale of 420 units occurred on June 15 for a selling price of $9 and a sale of 50 units on June 27 for $10. (Round answers to 3 decimal places, e.g. 5.125.) June 1 %24 June 12 $ June 15 $ 7:59 acer 7.
Concord has the following inventory information. July 1 Beginning Inventory 30 units at $15 90 units at $23 7 Purchases 22 Purchases 10 units at $20 O $2060. O $2090. O $2270. O $2173. $450 2070 200 $2720 A physical count of merchandise inventory on July 31 reveals that there are 30 units on hand. Using the FIFO inventory method, the amount allocated to cost of goods sold for July is
The units of Manganese Plus available for sale during the year were as follows: Mar. 1 Inventory 24 units @ $32 $768 June 16 Purchase 30 units @ $35 1,050 Nov. 28 Purchase 38 units @ $39 1,482 92 units $3,300 There are 15 units of the product in the physical inventory at November 30. The periodic inventory system is used. a. Determine the inventory cost by the FIFO method. b. Determine the inventory cost by the LIFO method. c. Determine the inventory cost by the average cost methods. Round answer to two decimal places. %24 %24 %24
Jesters company uses a periodic inventory system and reports the following for the month of June DATE EXPLAINATION UNITS UNIT COST TOTAL COST June 1 Inventory 120 $5 $600 12 Purchase 370 $6 $2220 23 Purchase 200 $7 $1400 30. Inventory. 230 How do the average-cost values for ending inventory and cost of goods sold relate to ending inventory and cost of goods sold for FIFO and LIFO? Explain why the average cost is not $6
Please help me
Sunland Company's inventory records show the following data for the month of September: Units Unit Cost Inventory, September 1 200 $5.00 Purchases: September 8 900 6.00 September 18 900 7.00 A physical inventory on September 30 shows 520 units on hand. Calculate the value of ending inventory and cost of goods sold if the company uses LIFO inventory costing and a periodic inventory system. Ending inventory $ Cost of goods sold $ +A
Suppose that Pharoah has the following inventory data: July 1 Beginning inventory 25 units at $5.00 5 Purchases 101 units at $5.50 14 Sale 67 units 21 Purchases 50 units at $6.00 30 Sale 47 units Assuming that a perpetual inventory system is used, what is the cost of goods sold on a LIFO basis for July? O $650.50 ○ $980.50 O $330.00 O $485.00