Please do not give solution in image format thanku The Blossom Store had a beginning inventory on January 1 of 280 full-size strollers at a cost of $180 per unit. During the year, thefollowing purchases were made:Mar. 15July 20Sept. 4Dec. 2(a)Units78582310Unit Cost$181180178173.At the end of the year, there were 33 units on hand. The Blossom Store uses a periodic inventory system.* Your answer is incorrect.Determine the cost of goods available for sale.

INVENTORY VALUATIONInventory Valuation is a Method of Calculation of Value of Inventory at the End…

The Blossom Store had a beginning inventory on January 1 of 280 full-size strollers following purchases were made: Mar. 15 July 20 Sept. 4 Dec. 2 Units 78 58 23 10 Unit Cost $181 180 178 173. At the end of the year, there were 33 units on hand. The Blossom Store uses a peri

The Blossom Store had a beginning inventory on January 1 of 280 full-size strollers following purchases were made: Mar. 15 July 20 Sept. 4 Dec. 2 Units 78 58 23 10 Unit Cost $181 180 178 173. At the end of the year, there were 33 units on hand. The Blossom Store uses a peri

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter7: Inventories: Cost Measurement And Flow Assumptions

Section: Chapter Questions

Problem 5MC: The moving average inventory cost flow assumption is applicable to which of the following inventory...

See similar textbooks

Related questions

Q: Prepare adjusting entries for the seven items described above. Whispering Winds prepares adjustments…

A: JOURNAL ENTRIESJournal Entry is the First stage of Process of Accounting. Journal Entry is the…

Q: ventory 2,580 CDs with a unit cost of $7. During March, Novak made the following purchases of CDs.…

A: Lets understand the basics.Cost of goods available for sale is a total of total cost of goods…

Q: Journalize the following transactions for Iron Sports Corp.: March 1 Iron Sports Corp. sold $64,200…

A: Perpetual inventory system is that system under which all transactions related to inventory are…

Q: What is the Diluted Earnings per Share? Use the attached financial data to calculate the ratios.…

A: Meaning of Diluted earning per share : The diluted earning per share is a measurement of a company's…

Q: The following information is available for Ethtridge Manufacturing Company for the month ending July…

A: Cost Of Goods Manufactured - It Is The Total Cost Of Completed Finished Goods Transferred From Work…

Q: hat percentage of Machine Setups cost is assigned to Product Y and Product Z? 14. Using the ABC…

A: The percentage of assigment of cost is based on the level of activiy of each cost pool for Products…

Q: Dividing partnership income Dahl and Westhoff have decided to form a partnership. They have agreed…

A: As per the Honor code of Bartleby we are bound to give the answer of the first three sub parts only,…

Q: Plummer Corporation has provided the following data for its two most recent years of operation:…

A: Product cost per unit is the cost incurred to produce the product. Product cost per unit under…

Q: Norwall Company's budgeted variable manufacturing overhead cost is $1.05 per machine-hour and its…

A: Variance arises when the actual costs differ from the standard costs. The results are favorable…

Q: Lexus Corporation acquired 70 percent of Triumph Corporation's voting stock on January 1, 20X2, for…

A: Net income from subsidiary includes proportionate share of net income of subsidiary which is…

Q: Sheffield Corporation obtained a franchise from Sage Hill Inc. for a cash payment of $96,000 on…

A: Journal Entry :— It is an act of recording transactions in books of account when transaction…

Q: On June 1, Delaware Co. had one unit in beginning inventory that cost $10.00. During June, Delaware…

A: The various methods for inventory valuation are FIFO, LIFO and average method. Using FIFO, the older…

Q: Mathis and Hashey are two of the largest and most successful toymakers in the world, in terms of the…

A: The efficiency with which a firm is able to collect on its receivables or the credit it gives to…

Q: On January 1, 2021, Gundy Enterprises purchases an office building for $184,000, paying $44,000 down…

A: Journal entry is the first stage of the accounting process.Journal entry is used to record business…

Q: Extreme Sports sold 3,000 monthly subscriptions at $26 each for services provided during February…

A: JOURNAL ENTRIESJournal Entry is the first stage of Accounting Process. Journal Entry is the Process…

Q: pay

A: Internal rate of return is that rate where the net present value of a project is zero. That is where…

Q: What is the year-over-year revenue change percent? Use the attached financial data to calculate the…

A: HORIZONTAL ANALYSISHorizontal Analysis is one of the important analysis techniques for financial…

Q: Gold Star Rice, Ltd., of Thailand exports Thai rice throughout Asia. The company grows three…

A: Cost volume profit analysis is the technique used by management for decision-making. The methods…

Q: Ditto Corp.'s income statements accounts at 12/31, adjusted for all items except bonus and income…

A: Bonus to partner/Individual can generally be given in two ways(1) Before charging such bonus (2)…

Q: Alex and Bess have been in partnership for many years. The partners, who share profits and losses on…

A: The process of dissolving a partnership and allocating the assets and liabilities among the partners…

Q: Dec-31-14 Depreciation Mar-31-15 Impairment Mar-31-15 Depreciation Dec-31-15 Carrying amount € 4,000…

A: When a Non Current Asset is classified as Held for Sale, it shall be measured at lower…

Q: Wang Company manufactures and sells a single product that sells for $650 per unit variable costs are…

A: Breakeven is the point at which an entity is in a situation of no profit and no loss. At this point,…

Q: California Surf Clothing Company issues 1,000 shares of $1 par value common stock at $16 per share.…

A: The journal entries are prepared to record the transactions on regular basis. The treasury stock…

Q: The income statement for the month of June, 2021 of Stellar Enterprises contains the following…

A: The closing entries are prepared at the end of an accounting period to close all the temporary…

Q: The LIFO Inventory Reserve Waterloo Manufacturing Company uses the LIFO inventory costing method to…

A: FIFO stands for first-in-first-out. It is a method of inventory valuation.. In this method the…

Q: Citrus Girl Company (CGC) purchases quality citrus produce from local growers and sells the produce…

A: The gross margin is calculated as the difference between the sales and cost of goods sold. The…

Q: Iguana, Incorporated, manufactures bamboo picture frames that sell for $20 each. Each frame requires…

A: Budget is the estimation of revenue and expenses prior to starting the operation. To manage the…

Q: Lewis Company reports the following fixed budget and actual results for May. Prepare a flexible…

A: Variances is the amount of difference between the actual values and the values estimated by the…

Q: Cost of Goods Sold, Cost of Goods Manufactured Princeton 3 Company has the following information…

A: Cost sheet is a method of allocating total costs into different categories. It helps to identify the…

Q: Sunland Downhill Bikes manufactures high quality custom mountain bikes which are sold to some of the…

A: Sunland Downhill Bikes paid more than the fair value of the net identifiable assets acquired from…

Q: The following absorption income statement and additional data are available from the accounting…

A: Variable costs are costs that vary with the change in the level of output whereas fixed costs are…

Q: Tasman Products has a Maintenance Department that services equipment in the company’s Forming…

A: The variance analysis is done by companies where planned performance is compared with the actual…

Q: On January 1, 2025, the Pharoah Company general ledger shows Equipment $49,100 and Accumulated…

A: Depreciation expense :— It is the allocation of depreciable cost of an asset over the estimated…

Q: Exercise 1 Malibu Limited acquired a building on 1 July 2012 at a cost of $800,000. The useful life…

A: Depreciation expense :— It is the allocation of depreciable cost of asset over the estimated useful…

Q: Donna is working on the budgeted fixed-MOH rate for the upcoming year. Her company has recently…

A: The costs incurred during the production of goods that cannot be directly linked to a particular…

Q: Required information [The following information applies to the questions displayed below.] Pratt is…

A: The after-tax value is the value of the income that is left with the person after tax. The after-tax…

Q: J ok nt int O ences On January 1, 2024, Ocean World issues $39.1 million of 9% bonds, due in 20…

A: A bond payable may be issued at face value, discount, or premium. The issue price of the bond…

Q: On January 1, 2024, Select Variety Store adopted the dollar-value LIFO retail inventory method.…

A: "Last-In, First-Out" or LIFO is the acronym. It is a technique used to calculate cost of products…

Q: 28 items of merchandise to Customer B at an invoice price of $5,500 (total); terms 3/2 old two items…

A: The complete amount of income earned from the sale of products or services before any returns,…

Q: On December 31, 2024, Windsor Inc. borrowed $3,480,000 at 12% payable annually to finance the…

A: Lets understand the basics.Borrowing costs incurred behind qualifying asset needs to capitalized in…

Q: Sunland Company, a machinery dealer, leased a machine to Dexter Corporation on January 1, 2020. The…

A: A lease is a type of legal agreement where the lessor offers the lessee the right to use the asset.…

Q: Assume that Walmart anticipates inflation in future periods. In a period of rising prices, which…

A: Net income is the amount of money earned by the entity after deducting the expenses from the…

Q: How much after profit would a corporation need to earn to pay down $50,000 of debt, assuming that…

A: Debt means the amount payable to outsider for the loan taken from him. Corporate tax is paid on the…

Q: Carla Vista, Inc. operates three divisions, Weak, Average, and Strong As it turns out, the Weak…

A: Variable costs are costs that vary with the change in the level of output whereas fixed costs are…

Q: Consider the following information for Maynor Company, which uses a periodic inventory system: Unit…

A: Inventory includes all the items, merchandise, and raw materials that are used by the business…

Q: ABC Company has set the following standards for one unit of product: Direct materials: 0.5 pounds @…

A: The variance is the difference between the actual and standard cost of production data. The variance…

Q: Bramble Landscaping began construction of a new plant on December 1, 2022 (all amounts in…

A: The asset acquisition is by adding the interest incurred during the construction period to the…

Q: Required information [The following information applies to the questions displayed below.] George…

A: When shares are sold, the initial ones that were acquired first must be sold in accordance with the…

Q: The following information is available for the pension plan of Cullumber Company for the year 2025.…

A: Pension expense = service cost + Interest cost - Actual and expected return on plan assets +…

Q: Stacy, Inc., produces a product using a process that allows for substitution between two mat Alpha…

A: A variance is the difference between a budgeted, planned or standard cost and the actual amount…

Question

Please do not give solution in image format thanku

The Blossom Store had a beginning inventory on January 1 of 280 full-size strollers at a cost of $180 per unit. During the year, the
following purchases were made:
Mar. 15
July 20
Sept. 4
Dec. 2
(a)
Units
78
58
23
10
Unit Cost
$181
180
178
173.
At the end of the year, there were 33 units on hand. The Blossom Store uses a periodic inventory system.
* Your answer is incorrect.
Determine the cost of goods available for sale.

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1: Introducing Inventory Valuation

VIEW

Step 2: Calculate the Goods Available for Sale

VIEW

Solution

VIEW

Step by step

Solved in 3 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

Jessie Stores uses the periodic system of calculating inventory. The following information is available for December of the current year when Jessie sold 500 units of inventory. Using the FIFO method, calculate Jessies inventory on December 31 and its cost of goods sold for December. RE7-11 Using the information from RE7-10, calculate Jessie Storess inventory on December 31 and its cost of goods sold for December using the LIFO method.
Carla Company uses the perpetual inventory system. The following information is available for January of the current year when Carla sold 1,600 units of inventory on January 14. Using the FIFO method, calculate Carlas cost of goods sold for January and its January 31 inventory.
Dymac Appliances uses the periodic inventory system. Details regarding the inventory of appliances at January 1, purchases invoices during the next 12 months, and the inventory count at December 31 are summarized as follows: Instructions 1. Determine the cost of the inventory on December 31 by the first-in, first-out method. Present data in columnar form, using the following headings: If the inventory of a particular model comprises one entire purchase plus a portion of another purchase acquired at a different unit cost, use a separate line for each purchase. 2. Determine the cost of the inventory on December 31 by the last-in, first-out method, following the procedures indicated in (1). 3. Determine the cost of the inventory on December 31 by the weighted average cost method, using the columnar headings indicated in (1). 4. Discuss which method (FIFO or LIFO) would be preferred for income tax purposes in periods of (a) rising prices and (b) declining prices.
Questions M7-6 and M7-7 are based on the following data: City Stationers Inc. had 200 calculators on hand on January 1, 2019, costing 18 each. Purchases and sales of calculators during the month of January were as follows: City uses a periodic inventory system. According to a physical count, 150 calculators were on hand at January 31, 2019. M7-6 The cost of the inventory on January 31, 2019, under the FIFO method is: a. 400 b. 2,700 c. 3,100 d. 3,200 M7-7 The cost of the inventory on January 31, 2019, under the LIFO method is: a. 400 b. 2,700 c. 3,100 d. 3,200
Golden Eagle Company began operations on April 1 by selling a single product. Data on purchases and sales for the year are as follows: Purchases: Sales: The president of the company, Connie Kilmer, has asked for your advice on which inventory cost flow method should be used for the 32,000-unit physical inventory that was taken on December 31. The company plans to expand its product line in the future and uses the periodic inventory system. Write a brief memo to Ms. Kilmer comparing and contrasting the LIFO and FIFO inventory cost flow methods and their potential impacts on the companys financial statements.
Logo Gear purchased $2,250 worth of merchandise during the month, and its monthly income statement shows cost of goods sold of $2,000. What was the beginning inventory if the ending inventory was $1,000?
The moving average inventory cost flow assumption is applicable to which of the following inventory systems? Questions M7-6 and M7-7 are based on the following data: City Stationers Inc. had 200 calculators on hand on January 1, 2019, costing 18 each. Purchases and sales of calculators during the month of January were as follows: City uses a periodic inventory system. According to a physical count, 150 calculators were on hand at January 31, 2019.
The Baby Store had a beginning inventory on January 1 of 320 full-size strollers at a cost of $180 per unit. During the year, the following purchases were made: Units Unit Cost Mar. 15 78 $181 July 20 62 180 Sept. 4 25 178 Dec. 2 10 173 At the end of the year, there were 35 units on hand. The Baby Store uses a periodic inventory system. Determine the cost of the ending inventory and the cost of goods sold using (1) FIFO and (2) weighted average.
Checkers uses the periodic inventory system. For the current month, the beginning inventory consistedof 7,200 units that cost $12 each. During the month, the company made two purchases: 3,000 units at$13 each and 12,000 units at $13.50 each. Checkers also sold 12,900 units during the month. Using theFIFO method, what is the ending inventory?A. $120,438.B. $111,600.C. $125,550.D. $113,700.
The Baby Store had a beginning inventory on January 1 of 320 full-size strollers at a cost of $180 per unit. During the year, the following purchases were made: Units Unit Cost Mar. 15 78 $181 July 20 62 180 Sept. 4 25 178 Dec. 2 10 173 At the end of the year, there were 35 units on hand. The Baby Store uses a periodic inventory system. (a) Determine the cost of goods available for sale. Cost of goods available for sale
a company has a beginning inventory of 32 units at a cost of 12.00 each on oct. 1. on October 5, it purchases 22 units at 13.00 per unit. on October 12 it purchases 32 units at 14.00 per unit. on oct. 15 it sells 66 units. using FIFO periodic inventory method, what is the value of the inventory at October 15 after the sale?
The Baby Store had a beginning inventory on January 1 of 320 full-size strollers at a cost of $180 per unit. During the year, the following purchases were made: Units Unit Cost Mar. 15 78 $181 July 20 62 180 Sept. 4 25 178 Dec. 2 10 173 At the end of the year, there were 35 units on hand. The Baby Store uses a periodic inventory system. During the year, The Baby Store sold the strollers for $300 per unit. Calculate the number of units sold during the year and total sales revenue. Number of units sold units Sales revenue