Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

3 part question You have the following information for Blossom Company for the month ended October 31, 2022. Blossom uses a periodic method for inventory

3 part question image text in transcribed
image text in transcribed
image text in transcribed
You have the following information for Blossom Company for the month ended October 31, 2022. Blossom uses a periodic method for inventory Units Date Oct. 1 Oct. 9 Oct. 11 Oct 17 Oct 22 Oct. 25 Oct 29 Description Beginning inventory Purchase Sale Purchase Sale Purchase Sale 65 130 90 90 65 75 Unit Costor Selling Price $24 26 40 27 45 29 100 45 Calculate the weighted average cost. (Round answer to 3 decimal places, es 5.125) Weighted average cost per unit $ Calculate ending inventory, cost of goods sold, gross profit under each of the following methods. (1) LIFO. (2) FIFO. (3) Average-cost. (Round answers to O decimal place, e.g. 125.) LIFO FIFO AVERAGE-COST The ending inventory $ $ $ The cost of goods sold $ $ $ Gross profit $ $ $ Calculate gross proftrate under each of the following methods. (1) LIFO. (2) FIFO. (3) Average-cost. (Round answers to 1 decimal place, eg. 51.2%) LIFO FIFO AVERAGE-COST Gross proftrate % %

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Integrated Reporting

Authors: Chiara Mio

1st Edition

1137551488, 9781137551481

More Books

Students also viewed these Accounting questions

Question

Define self-esteem and discuss its impact on your life.

Answered: 1 week ago

Question

Discuss how selfesteem is developed.

Answered: 1 week ago