Question
Blossom Company is a retailer operating in Calgary, Alberta. Blossom Company uses the perpetual inventory method. Assume that there are no credit transactions; all amounts
Blossom Company is a retailer operating in Calgary, Alberta. Blossom Company uses the perpetual inventory method. Assume that there are no credit transactions; all amounts are settled in cash. You are provided with the following information for Blossom Company for the month of January 2017.
Calculate average cost for each unit.
Then, for each of the following cost flow assumptions, calculate (i) cost of goods sold, (ii) ending inventory, and (iii) gross profit. (Round answers to 0 decimal places, e.g. 125.)
(1) | LIFO. | |
(2) | FIFO. | |
(3) | Moving-average. |
(Round answers to 3 decimal places, e.g. 5.125.)
Description Unit Cost or Selling Price Date Dec. 31 Jan. 2 Jan. 6 Jan. 9 Jan. 10 Jan. 23 Jan. 30 Quantity Ending inventory Purchase Sale Purchase Sale Purchase Sale 145 90 166 75 52 94 143 $19 21 43 23 48 24 51 Calculate average cost for each unit. (Round answers to 3 decimal places, e.g. 5.125.) Jan. 1 Jan. 2 Jan. 6 Jan. 9 Jan. 10 Jan. 23 Jan. 30 Description Unit Cost or Selling Price Date Dec. 31 Jan. 2 Jan. 6 Jan. 9 Jan. 10 Jan. 23 Jan. 30 Quantity Ending inventory Purchase Sale Purchase Sale Purchase Sale 145 90 166 75 52 94 143 $19 21 43 23 48 24 51 Calculate average cost for each unit. (Round answers to 3 decimal places, e.g. 5.125.) Jan. 1 Jan. 2 Jan. 6 Jan. 9 Jan. 10 Jan. 23 Jan. 30Step by Step Solution
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